Moderna Stock Soars 177% After Successful Melanoma Vaccine Trial

Moderna shares skyrocketed 177 percent on Wednesday to close at $174.38. The massive rally came after the company and its partner Merck announced that their personalized melanoma vaccine met its main goals in a Phase 3 clinical trial. The study involved more than 1,000 patients and showed that the vaccine, when combined with Keytruda, helped patients live longer without cancer returning.

The dramatic price jump added roughly $44 billion to Moderna's market value in a single trading session, sparking a fierce debate among Wall Street analysts. Firms like William Blair and RBC Capital Markets turned more optimistic, pointing out that the successful trial gives Moderna a strong revenue path outside of its traditional products. RBC analysts admitted the positive news arrived much sooner than they originally expected.

Despite the excitement, many other analysts urged caution. Data shows that out of 24 brokerages covering the company, 22 still rate the stock as a hold or worse because the recent price spike far outweighs projected near term vaccine revenue. Market watchers plan to monitor upcoming medical presentations and regulatory filings for the next clues on how the stock will perform.