Shares of biotechnology company Moderna (NASDAQ:MRNA) fell 20% in the morning session after investors took profits as the stock surged over 175% in the previous session on positive clinical trial news.

The late-stage melanoma trial with Merck’s Keytruda shows both lower recurrence and less spread, with no new safety signals—this is the clearest proof yet that Moderna’s personalized mRNA can work as an add-on to a major checkpoint therapy.

Melanoma was slower to recur in patients receiving Merck and Moderna's mRNA vaccine with Keytruda, supporting use of the combination in adjuvant treatment. The partners plan to take the data to the FDA.

Moderna stock is rocketing after the company reported positive Phase 3 results for its personalized mRNA-based cancer vaccine for melanoma.

Moderna MRNA stock fell 20%% to $138, compared with Wednesday’s close of $174.38. The decline followed a more than doubling of the shares on August 19 after Moderna and Merck announced positive results from the Phase 3 INTerpath-001 study of their personalized mRNA cancer vaccine, intismeran autogene.

Moderna stock falls 12% after a 177% surge as investors weigh the intismeran cancer vaccine win, future demand, pricing and other cancer trials.

Moderna shares fell sharply despite positive melanoma trial results as Jefferies modeled $54 billion in peak sales for its growing cancer therapy pipeline.

Moderna Inc. MRNA stock is trading lower after it rallied around 170% on Wednesday on upbeat data from individualized cancer therapy for advanced skin cancer. At a pre-planned interim analysis, Merck & Co Inc.