Moderna Tumbles 10% As Profit Taking Hits Cancer Vaccine Rally; Biontech Eases, Pfizer Stays Put

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Profit taking is hitting one of biotech’s hottest trades, and the selling is landing heaviest on the stock that ran the furthest. Moderna (NASDAQ:MRNA) stock is down 10% to $214.03 in morning trading, giving back part of a steep run tied to its personalized cancer vaccine.

Meanwhile, BioNTech SE (NASDAQ:BNTX) stock is down 2% to $88.59, a much smaller decline. Pfizer (NYSE:PFE) stock is up 0.3% to $29.54, inching higher against the biotech selling.

The iShares Biotechnology ETF (NASDAQ:IBB) is down 2%, a fraction of the slide in Moderna stock. Over the same period, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.1%, leaving the broad market close to flat.

Profit Taking Follows a Steep Cancer Vaccine Run

Moderna stock’s pullback reads as profit taking after a steep climb. In August, Moderna reported that intismeran autogene, given alongside Keytruda, met its primary endpoint in a late-stage melanoma trial. That result sent Moderna shares to their best single-day gain ever.

Merck (NYSE:MRK) is Moderna’s partner on intismeran autogene and the maker of Keytruda, the immunotherapy combined with the vaccine. Phase 2b follow-up at five years showed a 49% reduction in the risk of recurrence or death for the combination versus Keytruda alone. Together, Moderna and Merck are now running nine Phase 2 and Phase 3 trials across melanoma, non-small cell lung cancer, bladder cancer and renal cell carcinoma.

Goldman Sachs raised its price target on Moderna stock on Thursday while keeping a Neutral rating. The firm pointed to full late-stage melanoma data for intismeran autogene, due at the European Society for Medical Oncology (ESMO) Congress later this month. Selling in Moderna stock arrives with that presentation still ahead.

Respiratory vaccines such as Spikevax, mRESVIA, mNEXSPIKE and the flu-plus-COVID shot mCOMBRIAX still anchor Moderna’s commercial business. A joint procurement contract with the European Commission covers up to 24 million doses of mRESVIA for six countries. Oncology, however, carries most of the recent momentum in Moderna stock.

Selling Stays Concentrated in Moderna

Both Moderna and BioNTech use messenger RNA technology. They build vaccines and cancer therapies, while Pfizer is a diverse drugmaker and BioNTech’s longtime partner on the Comirnaty COVID-19 shot. Moderna stock is falling far harder. It is down much more than BioNTech stock and the iShares fund, while Pfizer stock is inching higher, pointing to selling concentrated in the name that ran the furthest.

BioNTech combined its mRNA work with antibodies and antibody-drug conjugates, led by pumitamig, a bispecific candidate in seven global registrational trials. Its pipeline also includes autogene cevumeran, an individualized mRNA cancer immunotherapy that lines up most directly against the Moderna program.

Melanoma Readout Sets Up Moderna’s Next Move

The optimistic outlook for Moderna depends on the full melanoma data confirming the August result. On the Q2 2026 earnings call, Moderna management stated that a dedicated Massachusetts facility could support the initial indication and that “we’d be ready to go next year if all went perfectly to plan.” Management also asserted that translational data from the American Society of Clinical Oncology meeting showed “we do see neoantigen-specific T cells, and we know those T cells can kill the tumor.”

A bear case could contend that Moderna stock already prices in a strong readout. Recent results offer little buffer, with Moderna’s Q2 revenue of $145 million and a loss of $1.97 per share that came in line with expectations. Guidance from Moderna calls for up to 10% revenue growth in 2026, leaving the valuation heavily tied to oncology.

Investors can watch for whether the full melanoma data at ESMO matches the August headline. Until that readout arrives, investors should keep their positions in Moderna stock moderate given how much of the recent run rests on oncology.

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