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Moderna rose 7% to $241.89 and Bristol Myers Squibb 5% as biotech cancer stocks rallied before Phase 3 melanoma vaccine data in Madrid on October 24.
- Moderna (MRNA) gained 7% to $241.89 on Tuesday; Bristol Myers Squibb (BMY) rose 5% to $61.55 and Pfizer (PFE) 2% to $30.12.
- Full Phase 3 data on intismeran autogene plus Keytruda will be presented October 24 at the ESMO congress in Madrid.
- The interim readout in August met its primary endpoint, and Moderna shares more than doubled on that announcement.
Lead
Moderna (MRNA) shares climbed about 7% to $241.89 on Tuesday as investors positioned for the full presentation of its melanoma vaccine data at the European Society for Medical Oncology congress in Madrid on October 24. Bristol Myers Squibb (BMY) gained roughly 5% to $61.55, and Pfizer (PFE) added about 2% to $30.12, as the move spread across large-cap drugmakers with oncology exposure.What Is Moderna Presenting in Madrid?
Moderna and partner Merck (MRK) will present Phase 3 results from the INTerpath-001 trial of intismeran autogene, an individualized mRNA neoantigen therapy, combined with Merck's Keytruda (pembrolizumab). The session is a Presidential Symposium on Saturday, October 24, at 4:30 p.m. CEST (10:30 a.m. EDT), with an investor webcast to follow.
The study enrolled 1,137 patients with resected stage IIB-IV melanoma, randomized 2:1 to the combination or to Keytruda alone for about a year. An independent monitoring committee found the combination delivered statistically significant and clinically meaningful gains in recurrence-free survival and distant metastasis-free survival at a prespecified interim analysis. Moderna disclosed no hazard ratio in that August 19 announcement, so the Madrid session will be the first look at the size of the benefit.
Why Are Biotech Cancer Stocks Moving Before the Data?
Biotech cancer stocks are moving because the Madrid readout will set the commercial scale of the first individualized cancer vaccine to reach late-stage success. Moderna's revenue base is thin: second-quarter 2026 revenue was $145 million against a net loss of $782 million. The company guides to year-end cash of $4.7 billion to $5.2 billion and revenue growth of up to 10% this year. That leaves the share price tied closely to pipeline outcomes.
Earlier Phase 2b data showed a 49% reduction in the risk of recurrence or death versus Keytruda alone. Prior market expectations treated a 20% risk reduction in the larger trial as the clinical benchmark and anything near 25% as underwhelming. Sell-side forecasts for melanoma sales alone approach $3 billion a year by 2035 if the therapy is approved.
How Did Bristol Myers Squibb and Pfizer React?
Bristol Myers Squibb and Pfizer rose with the group, reflecting a broad healthcare bid rather than direct exposure to the melanoma trial. BMY's 5% gain to $61.55 outpaced Pfizer's 2%. Bristol sells Opdivo, a rival checkpoint inhibitor to Keytruda, so evidence that adjuvant melanoma treatment is expanding lifts the value of the wider immuno-oncology market. Funds that hold the healthcare ETF complex and specialist cancer baskets also tend to trade these names together ahead of major medical meetings.
What Comes Next for Moderna and Merck?
The next step is the data itself. The hazard ratio, the durability of the benefit across stage IIB, IIC and III patients, and the safety profile will determine how quickly the companies can file with regulators. Moderna's wider individualized-therapy program also includes trials in lung, kidney and bladder cancers, which a strong melanoma result would put in a stronger light.
The share price has already absorbed a large part of the August gain, so the reaction on Monday, October 26, will depend on whether the results exceed the benchmark investors have set. A figure near the Phase 2b result would extend the rally. A figure near the low end of expectations would test the premium built into the stock.
Outlook
Moderna's 7% gain to $241.89 and Bristol Myers Squibb's 5% advance show how much attention the Madrid presentation commands across the sector. The October 24 session will reveal the size of the benefit behind the August headline result and set the tone for Moderna, Merck and the broader group of cancer-focused drugmakers.
