Shares jumped after reports of a major public-private effort aimed at accelerating cancer vaccine development
Moderna (MRNA) shares surged Friday after new details emerged about a major initiative aimed at accelerating the development of cancer vaccines, raising investor expectations that the mRNA pioneer could become a key beneficiary.
The stock initially jumped roughly 9% following a New York Times report detailing the initiative, before extending gains to more than 11% during the session.
The effort is reportedly structured as a public-private partnership involving the National Institutes of Health, its nonprofit arm, researchers, pharmaceutical and biotechnology companies, advocacy organizations and patients. The initiative draws comparisons to the collaborative approach that helped accelerate COVID-19 vaccine development.
Moderna could be particularly well positioned given its extensive experience developing mRNA-based medicines and its existing work in personalized cancer vaccines.
The enthusiasm also spread across the biotechnology and pharmaceutical sector, with shares of Pfizer, BioNTech and Merck moving higher.
For Moderna investors, the initiative could provide another potential growth avenue as the company works to expand mRNA technology beyond infectious diseases and into oncology.
