New York, Jan 23, 2026, 12:45 EST — Regular session
- Moderna shares slip roughly 6% in midday trading, erasing a portion of recent gains
- CEO Stephane Bancel announced the company won’t bankroll any new late-stage vaccine trials in light of pushback from the U.S.
- Investors are eyeing Feb. 13 results to get a clearer picture of spending and pipeline priorities
Moderna (MRNA.O) shares slipped 5.8%, hitting $48.88 by midday Friday, after fluctuating between $46.86 and $50.95 earlier. Roughly 10.9 million shares traded hands.
The pullback is crucial as the company pitches its next revenue driver amid fading demand for COVID-19 vaccines. Vaccine politics have also shifted from a background concern to an active risk for the stock.
Changes in U.S. vaccine policy under Health Secretary Robert F. Kennedy Jr. have unsettled investors and industry leaders, Reuters reported, putting pressure on vaccine-focused stocks. Stephen Farrelly, global pharma and healthcare lead at ING, noted, “Vaccines will not be a growth area under the current administration.” Clear Street’s Bill Maughan added it’s “tough to really get conviction in a vaccine name right now.” 1
Moderna’s CEO Stephane Bancel said Thursday the company won’t pour money into any new late-stage vaccine trials. Rising vaccine resistance and regulatory slowdowns have undercut the U.S. market’s appeal, he told Bloomberg TV at the World Economic Forum in Davos, according to Reuters. “You cannot make a return on investment if you don’t have access to the U.S. market,” Bancel said. Shares surged over 10% in early trading after the interview. 2
Phase III trials, the hefty late-stage studies, usually come just before regulators weigh in on vaccine approval. They carry a high price tag, so companies typically launch them only when a strong sales outlook is in sight.
Moderna has been attracting attention for its oncology efforts with Merck (MRK.N), seen by investors as a possible growth driver. This week, the companies reported that their personalized cancer vaccine, intismeran autogene, paired with Merck’s Keytruda, cut the risk of recurrence or death in high-risk melanoma patients after five years. 3
Still, the stock hinges on two tough questions: will Washington continue to narrow the vaccine market, and can Moderna’s non-COVID pipeline support its valuation if the vaccine business falters?
The risk cuts both ways. Moderna delaying late-stage infectious disease trials could stall new product launches. On the other hand, any setbacks in oncology trials would swiftly undermine the pivot narrative.
Moderna is gearing up to release its full fourth-quarter and fiscal-year 2025 results on Feb. 13. Investors will be watching closely for updates on spending, trial priorities, and management’s outlook for the U.S. vaccine market amid current regulations. 4
