MRNA fell 5.5% on leaked positive late-stage cancer vaccine data (42% relative cut in recurrence/death risk vs Keytruda alone) — not bad results. Per analysts it's 'buy on rumor, sell on news': a 600% one-year run had priced in a breakthrough, so the drop looks like profit-taking ahead of official phase 3 results.

Diane King Hall is joining me to take a look at Moderna . We talked a little about this yesterday. It was an intense and dramatic sell-off yesterday.

Yesterday, this resulted in a $24 billion reduction in market value. There is ongoing pressure on Moderna today. But that doesn't mean the results were bad. These pressures come after some information regarding cancer vaccine trials was leaked .

We were expecting it to be released at the end of this week. It is still scheduled to be released at the end of this week.

Moderna's shares fell by about 5.5 percent. What analysts are saying is that this looks like a classic case of "buy on the rumor, sell on the news". Positive clinical results are still able to confuse investors, because the stock had already factored in a major breakthrough.

This explains some of the pressures we have experienced.

The study, in its later stages, included more than 1,000 patients with high-risk skin cancer. Regarding what we see from leaks, according to reports, it reduced the risk of cancer recurrence or death by 42% compared to using Keytruda alone.

It also reduced the risk of cancer spreading to other parts of the body by 38%. 82% of patients who received the combined therapy remained alive without the cancer returning. This is a better difference compared to using Keytruda alone.

The figure of 42% represents a relative decrease in risk, not an improvement of 42 percentage points. Therefore, from the analysts' point of view, the sale of the stock occurred because, once again, we had already seen positive results from the first and second phases.

We are waiting for the third phase. We will officially receive the results of the third phase at the end of this week. What emerged was that it was an improvement in terms of reducing cancer and preventing its recurrence, but the stock had already risen significantly before the results of those trials came out , Nicole.

Yes, perhaps that was just profit-making, was n't it? The stock has risen 600% in one year, experienced an upward gap during the summer and continued to rise. So, sometimes people buy based on rumors and sell based on news, and there was certainly some profit-taking.