Shares of biotechnology company Moderna (NASDAQ:MRNA) are soaring higher today after the combination of its personalized cancer vaccine mRNA-4157/V040 and Merck’s (NYSE:MRK) Keytruda demonstrated promising results in Melanoma.
The combination displayed a statistically significant and clinically meaningful decrease in the risk of recurrence of disease or death as compared to Keytruda alone.
Importantly, these results are a first in displaying the efficacy of an investigational mRNA treatment in a randomized study. The two companies now plan to begin a Phase 3 trial in Melanoma in 2023 and also target additional tumor types.
The Street currently has a Moderate Buy consensus rating on Moderna alongside an average price target of $200.38. Shares of the company have already climbed 70.5% over the last six months.
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