TMO

Moderna/Merck's mRNA melanoma vaccine met both primary endpoints in Phase 3 — the first large-trial win for personalized mRNA oncology. The obvious trade (long MRNA) is already up ~90%. The non-obvious trade: US-listed CDMOs and LNP/raw-material suppliers that are structurally required to scale personalized mRNA manufacturing face a multi-year capacity buildout that the market hasn't priced.