New York, January 22, 2026, 18:46 EST — After-hours
Moderna shares climbed 4.2% to $51.87 in after-hours trading Thursday, after earlier jumping around 11% to $55.17 on heavy volume—over 34 million shares traded. CEO Stephane Bancel told Bloomberg TV the company won’t put money into new late-stage (Phase 3) vaccine trials, citing rising pushback against immunizations from U.S. officials. He warned that the U.S. market is becoming less reliable. “You cannot make a return on investment if you don’t have access to the U.S. market,” Bancel said. (Reuters)
The shift is critical as Moderna faces falling demand for COVID vaccines while juggling costly pipeline development. Scaling back new Phase 3 vaccine trials might conserve cash, but it also trims the lineup of near-term products that could offset declining sales.
Investors have been focusing on Moderna’s oncology efforts, an area where long-lasting data remains rare. On Tuesday, Moderna and Merck announced their experimental personalized cancer vaccine, intismeran autogene, reduced the risk of melanoma recurrence or death by 49% over five years when combined with Keytruda. “If Moderna can replicate this 49% risk reduction in the much larger phase 3 trial, that bodes well,” said Morningstar analyst Karen Andersen. UBS analyst Michael Yee added the durability “supports sustained efficacy over many years” but emphasized it still requires confirmation; he expects late-stage data later this year. (Reuters)
Late-stage trials are costly, extensive studies designed to confirm a vaccine’s effectiveness and safety ahead of regulatory approval. When a vaccine maker halts new Phase 3 trials, it often signals a desire to scale back on expensive commitments on its balance sheet.
On Thursday, Moderna didn’t say it was quitting vaccines. Instead, it signaled a sharper focus on spending and questioned the U.S. market’s value if timelines drag and backing dwindles.
The cancer-vaccine project stands apart both in nature and investor sentiment. It revolves around a key partner, Merck, and leverages Keytruda, a cornerstone drug already embedded in numerous cancer treatments, which could simplify testing and marketing a new add-on—assuming the data supports it.
Moderna has grabbed attention once more this week, driven less by daily vaccine sales and more by pipeline updates and policy cues. The stock often jumps on headlines but then retraces some of those gains.
The wager hinges on replication: should the Phase 3 melanoma trial fall short of the mid-stage results, expectations could quickly adjust downward. At the same time, a tougher setback in vaccine development would mean fewer new candidates for Moderna to chase in the U.S., just as policy shifts bring added uncertainty.
Investors are keen to see which Moderna programs stay funded and how fast the company moves to cut expenses. Adjustments to trial launches, cancellations, or schedules usually hit cash-burn forecasts immediately.
Moderna will update investors on its fourth-quarter and full-year 2025 results on February 13. The upcoming call is expected to intensify discussions around spending priorities and the timeline for the pipeline to contribute more significantly to revenue. (Nasdaq)
