Moderna shares fell over 10% on Friday. The latest backdrop points to a cooling of the recent cancer-vaccine-driven rally.

Recent coverage said Moderna, Inc. had surged more than 650% this year after positive phase III results for its mRNA cancer vaccine with Keytruda reshaped the company’s oncology narrative, but also noted that heavy losses and a high price-to-sales multiple have increased valuation pressure as the market awaits fuller data at the upcoming ESMO meeting.