The stock of biotechnology company Moderna (MRNA) rose 177% in a single trading session on Aug. 19, setting a new record on Wall Street.
The last stock to more than double in a day was Hartford Insurance Group (HIG) back in 2008.
The catalyst for Moderna’s historic rise was a report that a new medication from the company stopped the spread and recurrence of skin cancer in a clinical trial.
Prior to news of the positive clinical trial results, Moderna’s stock had risen 114% this year largely due to hopes that its customized cancer vaccine would prove effective.
Moderna’s stock is now up 465% on the year, behind memory-storage company SanDisk (SNDK), which has seen its stock increase 470% year-to-date.
Still, despite the explosive move higher, Moderna’s stock remains down 55% over the past five years.
After a historic rally during the pandemic, when Moderna delivered a vaccine against Covid-19, the stock has declined and languished in recent years.
Peak to trough, Moderna’s share price fell 95% from $450 U.S. in September 2021 to just $22 U.S. in September 2025.
Moderna’s stock had been punished as the company had few promising vaccines in its pipeline and failed to commercialize many of its medications that were in development.
The company’s new skin cancer drug, while not yet approved by the U.S. Food and Drug Administration (FDA), appears on track in the clinical trial process.
In premarket trading on Aug. 20, MRNA stock is down 8% and trading at $160.89 U.S. a share.
