Moderna stock pops on launch of skin cancer treatment trial
Moderna (MRNA) shares are trading higher Monday after the biotechnology company revealed the start of a clinical trial for a skin cancer treatment. Moderna has partnered with the pharmaceutical giant Merck (MRK) to test the drug, in a bid to diversify beyond its core vaccine business.
Yahoo Finance's Julie Hyman and Brian Sozzi breaks down the details.
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Editor's note: This article was written by Angel Smith
Video Transcript
BRIAN SOZZI: Moderna shares on an upswing as the drugmaker starts a mid-stage study to test its experimental skin cancer treatment. The trial is in collaboration with Merck. I remember we talked to Stéphane Bancel, the CEO of Moderna, at the World Economic Forum, and he was talking a little bit about these, their pushes into cancer, but really trying to, I think, broaden this platform away from just vaccines.
JULIE HYMAN: Yeah, just vaccines, but also, just the COVID vaccine. I mean, they have to broaden it out to more products here. The stock is up about 13% year to date, but it's down about 24% over the past year, because investors want that show-me story, right? They want to see more vaccines. So, the company is trying to launch an RSV vaccine. That's for that virus that affects older adults, affects kids as well.
And then, they are also trying a combination flu and COVID vaccine. That's something in the pipeline. And then, finally, there's this cancer [INAUDIBLE] vaccine, the skin cancer vaccine. They're developing it in partnership with Merck. So, that's kind of what's on the docket for them.
BRIAN SOZZI: I was looking at that stock chart on Moderna. Well, look how far it has not-- has really come off its highs. And maybe that's where investors-- if this AI trade is not going to work, maybe they do go back to health care and start kicking the tires on Moderna.
JULIE HYMAN: I mean, they never went anywhere when it came to Eli Lilly.
