Moderna shares double as cancer vaccine data rekindles investor hopes

Moderna's shares surged over 100% on Wednesday, boosting the biotech's market value by roughly $30 billion, following promising late-stage data on its personalized mRNA cancer therapy. The cutting-edge treatment, known as intismeran, demonstrated the potential to reduce the risk of skin cancer recurrence and spread when combined with Merck's blockbuster immunotherapy drug Keytruda.

This breakthrough could breathe new life into Moderna's efforts to diversify beyond its COVID-19 vaccine success and solidify its revenue base. The stock's sharp rise also propelled the Nasdaq biotech index to a fresh all-time high. Analysts believe that successful trial results may provide investors with stronger evidence that mRNA technology could have a lasting future beyond infectious diseases.

With each shorted share tumbling nearly $100, the pressure on short sellers could trigger a short squeeze, further driving up the stock price. Moderna's shares surged to a two-year high of $140.19, and the company's market capitalization is on track to add an estimated $30 billion following the positive data.