Moderna, Inc. (MRNA) shares plummeted 5.01% in intraday trading on Friday, as investors reacted negatively to the company's latest update on its oncology program. The biotechnology firm provided new information about its mRNA-4359 plus pembrolizumab study at a recent oncology event, triggering a sell-off in the stock.

The update focused on Moderna's phase 1/2 study of mRNA-4359 in combination with pembrolizumab. While specific details were not provided in the news snippets, the market's reaction suggests that investors may have been disappointed with the progress or results of the study. Moderna indicated that a 5-year follow-up from the Phase 2 study is expected in 2026, which might have contributed to the negative sentiment as it implies a lengthy timeline for potential commercialization.

Despite the stock's decline, some analysts remain optimistic about Moderna's oncology efforts. Wolfe Research analyst Alexandria Hammond commented that Moderna is "checking another mark" in its oncology franchise. This suggests that while the market reacted negatively in the short term, the company may still be making progress in its cancer treatment development pipeline. However, the immediate investor reaction indicates concerns about the pace of development or the preliminary efficacy of the treatment.