How often does a $25 billion market capitalization company see its valuation rise to $69 billion, a $44 billion gain in a single day of trading? On Wednesday, existing Moderna (MRNA) shareholders observed this firsthand. Shares of Moderna surged $111, or 177%, to close at $174.38 on Wednesday.
The market cap jumped from around $25 billion to $69 billion in a single day. MRNA is up over 560% in the last 12 months but still far away from the all-time high price of over $484 reached during COVID-times.
What Sparked the Rally
The Moderna stock price surge on August 19 came after the company announced positive results from a successful experimental mRNA vaccine for melanoma, a skin cancer. Moderna and Merck reported that their new treatment effectively prevented the recurrence and spread of melanoma in high-risk patients during a clinical study. Merck shares closed 12% higher after the public announcement of the mRNA vaccine for melanoma.
The trial met its primary endpoint of recurrence-free survival (RFS) and a key secondary endpoint of distant metastasis-free survival (DMFS). This represents the first positive Phase 3 readout for an individualized neoantigen therapy (INT) and for an mRNA-based cancer therapy. It is also the first Phase 3 study to demonstrate a clinically meaningful improvement over KEYTRUDA alone, a standard-of-care immunotherapy, in the adjuvant setting for patients with resected melanoma.
The data will be presented by the company at an upcoming international medical meeting and shared with regulatory authorities.
“Today’s results represent a landmark moment for adjuvant melanoma treatment. This is the first Phase 3 study to show that intismeran, a treatment designed based on the unique mutational ‘fingerprint’ of a patient’s own tumor, given in combination with pembrolizumab can reduce the risk of recurrence or death in patients with completely resected stage IIB-IV melanoma compared to KEYTRUDA alone,” said Professor Georgina Long, the study’s principal investigator and medical director of Melanoma Institute Australia, Chair of Melanoma Medical Oncology and Translational Research at the University of Sydney.
A Busy August for Moderna
So far in August, Moderna has received U.S. FDA Approval for Influenza Vaccine mFLUSIVA. The company has also announced the initiation of a Phase 1 Clinical Trial of mRNA-1469, Moderna’s Investigational Vaccine Against Bundibugyo Ebolavirus.
Behind the Surge: A Look at the Numbers
While the melanoma data drove Wednesday’s rally, Moderna’s underlying financials tell a more measured story. Moderna reported second-quarter 2026 revenue of $145 million, up marginally from $142 million a year earlier, as higher UK vaccine deliveries and stand-ready manufacturing revenue offset weaker COVID sales in the US and South America. Revenue split was $87 million from the US and $58 million from international markets.
The company’s net loss came in at $782 million, narrower than the $825 million loss in Q2 2025. This translated to a loss per share of $1.97, versus $2.13 a year ago.
Moderna held $6.9 billion in cash and investments as of June 30, down from $7.5 billion at end-March, partly due to funding operations and R&D. The company noted it subsequently paid $950 million in July toward a litigation settlement.
For the full year, Moderna trimmed its 2026 operating expense outlook by roughly $200 million and now expects year-end cash of $4.7–5.2 billion, an improvement of about $200 million from its prior guidance. The company reiterated its target of up to 10% revenue growth for 2026.
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