Moderna Inc. stock MRNA, +17.8% rose 7% on Thursday morning after the biotech firm and its partner Merck MRK, -6.2% released positive results from a midstage study of Moderna’s drug mRNA-4157 combined with Merck blockbuster cancer drugs Keytruda for patients with high-risk, resected melanoma. After three years, the companies reported that the combination had reduced the risk for recurrence and death by 49%. The risk of distant metastasis or death was also reduced by 62%. These data provide a positive addition to the many endpoints and subgroups that were previously evaluated in this study, said Kyle Holen. He is senior vice president of Moderna and head for development in therapeutics. Both companies have begun Phase 3 trials using mRNA-4157 combined with Keytruda. Moderna’s share price has dropped 56% in 2023 compared to the S&P500 SPX +0.57% which has risen 22.6%.