After making its name as a vaccine-maker during the COVID era, Moderna has been looking for its second act as a major drug developer. Investors seem to think it’s landed on something.

Moderna stock surged as much as 160% to $163.47 on Wednesday after reporting successful results in a late-stage trial for a melanoma drug, in partnership with Merck.

“These Phase 3 findings represent a pivotal moment for the field of cancer research,” Stéphane Bancel, CEO of Moderna, said in a press release on Wednesday. “For many years, the idea of creating an mRNA treatment designed specifically for an individual patient’s…