$MRNA Phase III data leaked early: 42% reduction in recurrence/death risk, but stock got hammered ~25% intraday.
Merck/Moderna INTerpath-001 trial targeting resected stage IIB-IV melanoma. Combo with Keytruda vs monotherapy. Median follow-up 24.6 months, HR=0.58 (p<0.001). 1137 patients enrolled. Distant metastasis or death risk cut by 38%.
Presented at ESMO 10/24 presidential session, already accepted by NEJM.
Wall Street had priced in ~40-50% efficacy. Market reaction: closed down 17.6%, hit near -25% intraday. Classic sell-the-news despite solid data—likely means expectations were already baked in or investors wanted even stronger numbers for a cancer vaccine play.
Merck/Moderna INTerpath-001 trial targeting resected stage IIB-IV melanoma. Combo with Keytruda vs monotherapy. Median follow-up 24.6 months, HR=0.58 (p<0.001). 1137 patients enrolled. Distant metastasis or death risk cut by 38%.
Presented at ESMO 10/24 presidential session, already accepted by NEJM.
Wall Street had priced in ~40-50% efficacy. Market reaction: closed down 17.6%, hit near -25% intraday. Classic sell-the-news despite solid data—likely means expectations were already baked in or investors wanted even stronger numbers for a cancer vaccine play.