Moderna cancer vaccine data lifts investor confidence, shares jump to multi-year highs

Moderna has long said it wants to broaden its portfolio beyond infectious-disease vaccines. The company has been working on a cancer vaccine and investors have been waiting for late-stage trial results.

On Wednesday the firm disclosed data that showed a positive outcome for the cancer vaccine, giving the market the proof many had been seeking.

Following the announcement, Moderna’s stock surged to multi-year highs, reflecting renewed optimism about the company’s diversification strategy.