New York, Jan 24, 2026, 06:23 EST — Market closed
- Moderna shares dropped roughly 6% on Friday, retracing some of their sharp gains from midweek.
- Moderna CEO Stéphane Bancel announced plans to scale back new late-stage vaccine trials, citing growing U.S. resistance that clouds prospects for returns.
- Next on deck: Moderna’s results set for Feb. 13, alongside updates on its cancer vaccine collaboration with Merck.
Moderna shares dropped on Friday following a volatile week, as investors absorbed the company’s caution about mounting U.S. political and regulatory challenges affecting its vaccine development funding.
The pullback is significant as Moderna aims to prove it can outgrow its shrinking COVID franchise while funding a costly pipeline. The CEO’s remarks this week highlighted policy risks alongside clinical ones, at a moment when traders have been swift to either snap up or sell off the stock. 1
U.S. markets remain closed for the weekend, leaving Monday’s session to reveal if this pullback is simply profit-taking after a recent surge, or the beginning of a deeper slide for a stock now seen as a barometer for vaccine optimism and mRNA drug progress.
Moderna closed Friday at $48.71, slipping 6.09% from Thursday’s $51.87, after finishing Wednesday at $49.81, according to data from 6 .
Bancel said the company plans to scale back investments in new late-stage vaccine trials, citing U.S. resistance to immunizations and slower decision-making as factors weakening the commercial case for some programs. “You cannot make a return on investment if you don’t have access to the U.S. market,” he told KFF Health News after speaking at the World Economic Forum in Davos. 2
The message arrived following a sharp midweek rally that sent Moderna to levels not seen in months, driven by fresh enthusiasm around its oncology pipeline and the collaboration with Merck.
Moderna and Merck reported earlier this week that longer follow-up data on their experimental personalized melanoma vaccine, combined with Merck’s immunotherapy Keytruda, continues to show a lower risk of recurrence or death compared to Keytruda alone. This personalized cancer vaccine targets mutations specific to each patient’s tumor. 3
“If Moderna can replicate this 49% risk reduction in the phase 3 trial, that would be a strong sign,” Morningstar analyst Karen Andersen noted. Phase 3 trials, which are larger and late-stage, are usually required for company approvals. 3
Friday’s sell-off highlighted the flip side of that bet: Moderna’s near-term revenue remains tied closely to respiratory vaccines. The company is openly skeptical about the returns from certain U.S.-focused vaccine projects, given the changing policy environment.
The broader U.S. market showed mixed signals Friday, as the S&P 500 nudged higher but the Dow slipped. Investors zeroed in on individual stock catalysts. 4
The risk is clear: a setback in the larger melanoma trial or shifts in vaccine policy that dampen demand and delay approvals could quickly derail Moderna’s growth narrative. The stock is known for sharp moves on news, and that volatility can work for or against investors.
Moderna will provide a near-term update on Feb. 13, releasing its full-year 2025 results along with revised guidance and spending forecasts. 5
Traders are also keeping an eye out for new updates on U.S. vaccine guidance and regulatory timelines. They’ll be looking closely for the next significant data from Moderna’s oncology programs, as the company aims to shape its future beyond vaccines.
