Moderna (MRNA) shares rose sharply on Friday following a New York Times report detailing a new initiative designed to accelerate cancer vaccine development. The mRNA-focused biotech was singled out by investors as a primary beneficiary of the effort.
Gains extended beyond Moderna, with other pharmaceutical stocks, including Pfizer (PFE), BioNTech (BNTX), and Merck (MRK), also rising.
220.91 +23.90 (+12.14%)
As of 3:18:41 PM EDT. Market Open.
According to the New York Times, the new initiative is a public-private partnership — similar to the effort that produced COVID-19 vaccines — that involves the National Institutes of Health (NIH), the NIH’s nonprofit arm, researchers, pharmaceutical and biotech companies, advocacy groups, other nonprofits, and patients.
Stacey Adam, a senior clinical officer at the NIH’s foundation, told the New York Times that she expects the program to launch in December. In 2024, the UK launched a similar program, called the Cancer Vaccine Launch Pad.
Moderna is viewed as a leader in mRNA cancer treatments. The stock soared in August on positive results for a melanoma treatment, developed with Merck.
Year to date, Moderna stock is up 627%.
This story is developing. Check back for updates.
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