Moderna's Cancer Vaccine Wins An FDA Boon, But Shares Drop On Mixed Earnings

Moderna (MRNA) stock reversed lower Thursday after the Food and Drug Administration granted its Merck (MRK)-partnered cancer vaccine a breakthrough designation.

The companies are testing the personalized cancer vaccine in combination with Merck's Keytruda in patients with melanoma following surgery. But Moderna stock took an early hit after missing fourth-quarter profit expectations and issuing a light sales outlook for 2023.