Moderna’s shares surged 150% in a single day

Shares of U.S. biotechnology company Moderna surged 150% over the course of a single day, according to the Financial Times.

On August 19, the price of a single share on the Nasdaq rose above $160, compared with approximately $63 the previous day.

The surge came in response to the company’s announcement of successful trials of an experimental therapeutic vaccine against melanoma, which is being developed in collaboration with another U.S. company, Merck. The vaccine is individually tailored to each patient based on the unique genetic profile of the patient’s tumor and uses mRNA-based therapy.

Following the announcement, Moderna’s market capitalization surpassed $55 billion. The company reached its peak market capitalization of more than $180 billion in September 2021, following the release of its COVID-19 vaccine.

Nubar Afeyan is the chairman of Moderna’s board of directors and a co-founder of the company.