Moderna's Post-IPO Losses Deepen After Cancer Conference, Lockup
Chemicals sit inside a refrigerator at the Moderna Therapeutics Inc. lab in Cambridge, Massachusetts.
Photographer: Adam Glanzman/BloombergThis article is for subscribers only.
Moderna Inc. shares sank as much as 12% for their biggest intraday drop since the biotech’s first day of trading in December.
Shares are on track to lose ground for the fifth day as updated results for its cancer vaccine were presented on Saturday at the annual ASCO meeting in Chicago and insiders had their first chance to sell shares. The biotech is working on an experimental personalized cancer vaccine, and investors got a first peek last month. Shares have fizzled since early May as it appears early results may no longer be holding investors’ interest.