Business Corpus: This New Biotech Stock Is Popping — Will It Reclaim Its IPO Price?Moderna stock spiked Tuesday after the newly public biotech company announced a series of updates to its immuno-oncology and rare diseases programs. Moderna is still 29% off its IPO price. The post This New Biotech Stock Is Popping — Will It Reclaim Its IPO Price? appeared first on Investor's Business Daily.

[Collection]

Shares of Moderna Therapeutics (MRNA) spiked Tuesday after the newly public biotech company announced a series of updates to its immuno-oncology and rare diseases programs.

In morning trading on the stock market today, Moderna stock popped 3.9%, near 16.90. Moderna went public last month in the biggest-ever initial public offering for a biotech company. But Moderna stock has since slipped 29% from its IPO at 23.

Moderna announced Tuesday that it dosed the first patient in a Phase 1 study of a cancer regimen. It's also planning a Phase 2 study of a personalized cancer vaccine with Merck (MRK), and plans to begin a Phase 2 study in ovarian cancer.

Further, Moderna said it's asked the Food and Drug Administration for permission to begin a clinical study in methylmalonic acidemia. In this disorder, a patient's body can't break down certain proteins and fats.

"I believe we are better positioned that we have ever been to deliver on the promise of our science to bring forward mRNA medicines that have the potential to improve the lives of patients," Chief Executive Stephane Bancel said in a written statement.

Biotech Company Uses mRNA In Immuno-Oncology

The biotech company is focusing on messenger RNA, or mRNA, which carries genetic information from DNA that's necessary to make proteins. Moderna is working to create drugs that use mRNA to instruct cells to create disease-fighting proteins.

Moderna aims to drive anti-cancer responses via immuno-oncology by injecting mRNA drugs directly into tumors.

The firm studied 28 patients with solid tumors and lymphoma in a Phase 1 study. During the test, two patients with ovarian cancer showed promising results. Based on that, Moderna asked the FDA if it could begin a Phase 2 study to test that drug in ovarian cancer.

The biotech company also said it has dosed the first patient in a triple-drug regimen. The test is in patients with solid tumors or lymphoma. Patients will receive Moderna's mRNA-2752 alone or in combination with AstraZeneca's (AZN) Imfinzi or tremelimumab.

Will Moderna Stock Pop On Cancer Vaccine?

Moderna also outlined its efforts with Merck in cancer vaccines.

One test will examine Moderna's mRNA-4157 in combination with Merck's Keytruda. Keytruda is an immuno-oncology drug that blocks an interaction involving the PD-1 protein in the immune system. The companies will weigh the regimen's results against those of Keytruda alone.

Further, Merck will lead a Phase 1 study of a vaccine against the KRAS gene. KRAS belongs to a class of genes that, when mutated, can cause normal cells to become cancerous. The biotech company notes that KRAS is associated with lung, colon and pancreatic cancers.

YOU MIGHT ALSO LIKE:

Looking For Growth? Take A Look At These Biotechnology Stocks

Earnings Calendar, Analyst Estimates And Stocks To Watch

How Many Shares Do You Buy For A Position? This Tool Does The Math

The post This New Biotech Stock Is Popping — Will It Reclaim Its IPO Price? appeared first on Investor's Business Daily.