Moderna (MRNA) stock popped 9% on Friday after the New York Times reported new details about an effort to accelerate cancer vaccine development. Investors saw the mRNA biotech company, in particular, as a beneficiary.
Other pharmaceutical stocks, including Pfizer (PFE), BioNTech (BNTX), and Merck (MRK), also rose.
220.96 +23.96 (+12.16%)
As of 2:49:48 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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