Moderna Surges 177% on Cancer Vaccine Trial
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- Moderna's cancer vaccine developed with Merck showed promise in a late-stage trial, and CNBC reported both companies' stocks soared on the news
- Moderna's stock surged 177%, burning short sellers in a $5.5 billion loss per Bloomberg, with the New York Times framing it as Moderna shifting identity to a cancer company
Why it matters: The New York Times frames the 177% surge as Moderna shifting identity from COVID vaccine maker to cancer company, while Bloomberg reports the move burned short sellers out of $5.5 billion. Merck's stock also rose on the partnership's late-stage trial results.
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