Moderna is trading 5.8% down at $188.56 after Phase 3 melanoma-vaccine results showed a smaller recurrence-or-death risk reduction than an earlier study.

  • Intismeran with Keytruda reduced the risk by 42%, below the 49% seen earlier.
  • The result was statistically significant, but the gap appears to have disappointed investors. Selling extends a sharp prior-session drop amid continued reaction to the data; the broader market is slightly higher and does not explain the decline. No current trading-volume figure was provided.