Moderna (MRNA) shares slipped sharply late on Thursday after the biotech firm’s cancer-vaccine trial results circulated ahead of their scheduled presentation. Oncology Central reportedly published the leaked data before removing its article, but screenshots had already spread across social media.
Despite the recent decline, Moderna stock has been a blockbuster investment in 2026, currently trading at roughly 6x its price at the start of this year.
What Really Triggered the Selloff in MRNA Shares
The leaked trial results showed Moderna’s intismeran autogene, combined with Merck’s Keytruda, reduced the risk of melanoma recurrence or death by 42% compared with Keytruda alone.
The clinical study saw participation from over 1,100 patients, with detailed findings scheduled for presentation on Saturday at the European Society for Medical Oncology meeting in Madrid.
Several analysts had said investors wanted a reduction of at least 40%. That made today’s dip more complicated than a straightforward clinical disappointment.
MRNA stock is tumbling because investors believe an effective treatment may still struggle to satisfy expectations embedded in the company’s soaring share price.
In short, they’re reassessing how much future commercial success they have already paid for.
What Else Makes Moderna Stock Unattractive?
Beyond valuation concerns, Moderna’s latest financials offer another reason for caution. The company reported $145 million in revenue for its Q2 against a net loss of about $800 million. Research and development alone consumed $651 million, illustrating the substantial cost of turning its pipeline into commercial products.
Cash and investments stood at $6.9 billion at June end, before a subsequent $950 million litigation-settlement payment in July.
That said, Moderna shares have a history of gaining over 20% on average in November — a seasonal pattern that makes them attractive for the near term.
How Wall Street Recommends Playing Moderna
Wall Street analysts also admit that MRNA shares’ year-to-date rally has gone a bit too far, and the biotech stock may be poised for a near-term pullback.
According to Barchart, the consensus rating on Moderna sits at “Hold” only, with the mean price target of about $128 indicating potential for a more than 30% retreat from current levels.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.