Updated

Moderna shares surged roughly 9% after the company reported positive Phase 3 data for a melanoma treatment, with the results also earning the drug a coveted presentation slot at a presidential symposium. Shares of partners and peers Merck and BioNTech, both involved in related cancer-treatment collaborations, also edged higher on the news. The rally reflects investor optimism about Moderna's push beyond vaccines into oncology therapeutics, an area the company has highlighted as central to its long-term growth strategy following the decline in COVID-19 vaccine demand.