Moderna股价单日重挫逾25%：癌症疫苗试验数据向好 市值仍蒸发约240亿美元
纽约讯：美国生物技术公司 Moderna 的股价10月22日重挫逾25%，创下该股有记录以来最大单日跌幅，公司市值一天蒸发约240亿美元。抛售发生在 Moderna 与默沙东（Merck）当天公布其个性化黑色素瘤疫苗 intismeran 后期试验详细数据之后，分析师将这一走势称为典型的「利好出尽」行情：该股今年以来已累计上涨超过500%。
试验数据本身被多位分析师评价为扎实。这项纳入1,100多名高风险黑色素瘤患者的后期试验显示，intismeran 与默沙东免疫疗法 Keytruda 联合使用，与单用 Keytruda 相比，可将癌症复发或死亡风险降低42%，将远处转移或死亡风险降低38%。两家公司8月公布的中期数据已显示该疫苗可降低复发与癌症扩散风险；本次公布的是治疗后头两年患者数据的详细结果，定于周六在西班牙马德里举行的欧洲肿瘤内科学会（ESMO）会议上报告。两家公司表示，总生存期数据尚不成熟，但呈现有利趋势，并正与监管机构沟通。
市场反应与数据评价形成反差。瑞银（UBS）分析师 Michael Yee 表示，无复发生存结果是「扎实的数据」，回调属于预期中的「利好出尽」，即消息兑现后获利了结。William Blair 分析师 Myles Minter 称试验数据「很好」，同样认为这是利好出尽式回调，但指出投资者可能开始质疑该疗法能否在其他癌种上同样有效、从而支撑当前高估值。TD Cowen 的分析师则称42%的复发风险降幅「令人信服」，落在医学专家定义的「出色区间」内。
据报道，两家公司是在试验结果当天早些时候先在一家肿瘤学网站上泄露后，才正式发布这批数据的，股价下跌随之发生。Moderna 股价当日一度跌25.2%至183.88美元，默沙东股价下跌近1%。（GSM 据路透社报道）
Moderna Shares Sink Over 25% on Cancer Vaccine Data: About $24 Billion in Market Value Wiped Out
New York: Shares of U.S. biotechnology company Moderna sank more than 25% on October 22, set for the stock's steepest one-day percentage fall on record, wiping out about $24 billion from the drugmaker's market value. The selloff came as Moderna and Merck released detailed late-stage trial data for their personalized melanoma vaccine, intismeran, in what analysts called a classic sell-the-news reaction after a rally that had lifted the stock over 500% this year.
The data itself drew praise from analysts. In a late-stage trial of more than 1,100 patients with high-risk melanoma, intismeran combined with Merck's immunotherapy Keytruda reduced the risk of cancer recurrence or death by 42% and cut the risk of distant metastasis or death by 38% compared with Keytruda alone. Interim data reported in August had already shown the vaccine cut the risk of recurrence and cancer spread. The detailed results, based on patient data for the first two years after treatment, are scheduled to be presented on Saturday at the European Society for Medical Oncology meeting in Madrid. The companies said overall survival data are not yet mature but show a favorable trend, and that they are engaging with regulatory authorities.
The market reaction contrasted with the reviews of the data. UBS analyst Michael Yee said the recurrence-free survival results were solid data and that the pullback was an expected sell-the-news event. William Blair analyst Myles Minter described the data as great and agreed the reversal looked like a sell-the-news reaction, while noting investors may now question whether the treatment will prove as effective in other cancer types to justify the high valuation. TD Cowen analysts called the 42% recurrence reduction compelling and squarely in the exceptional range defined by medical experts.
Moderna and Merck released the data after the results leaked on an oncology website earlier in the day, sparking the stock fall. Moderna shares were last down 25.2% at $183.88, while Merck shares fell nearly 1%. (GSM, reporting from Reuters)
来源：GSM·美国（原文链接）
图片来源：图：位于马萨诸塞州 Cambridge 的 Moderna 公司总部大楼入口。Fletcher 摄，CC BY 4.0，经维基共享资源。Photo: Entrance to Moderna headquarters in Cambridge, Massachusetts. Photo by Fletcher, CC BY 4.0, via Wikimedia Commons.
