A successful cancer medication trial caused Moderna’s shares to soar over 90%, making it its biggest day ever

Following the successful release of its first late-stage study of an experimental cancer vaccine, Moderna’s stock price nearly doubled on Wednesday, rising more than 90% at the opening.

After rising more than 100% in pre-market trading, Moderna shares surged 93% to about $121.90 on Wednesday. Which would be the stock’s biggest trading session ever.

This came after Moderna and Merck revealed that in a late-stage trial involving over 1,100 patients. Their customized cancer vaccine helped lower the recurrence of melanoma, a type of skin cancer, and that the experimental medication greatly increased the amount of time patients lived without their melanoma returning.

The vaccine is an mRNA-based injection combined with Merck’s immunotherapy drug Keytruda, marking the first successful trial completion for any mRNA-based cancer therapy.

Merck’s stock rose 6.5% in early trading after the announcement.