Moderna's stock jumps after progress report on cancer treatments
Shares of Moderna Inc. rallied 7.7% in premarket trade Tuesday, after the biotechnology company provided details on recent progress made on its immuno-oncology programs. The company, which became the largest biotech initial public offering when it went public a month ago, said it has submitted a an investigational new drug (IND) amendment to the Food and Drug Administration to commence a phase 2 study of its treatment for advanced ovarian cancer. The company also said it dosed the first patient in the phase 1 study of mRNA-2752, an intratumoral injection to treating metastatic solid tumor malignancies or lymphoma. Separately, the company said it and Merck & Co. Inc. are planning a phase 2 study comparing Moderna's personalized cancer vaccine (PCV) and Merck's Keytruda, against Keytruda alone. Monderna's stock has tumbled 12.5% over the past month through Monday, while Merck shares have slipped 1.7% and the Dow Jones Industrial Average has lost 3.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.