Obviously, the news that $BNTX and Roche are stopping their cancer "vaccine" study in adjuvant colorectal cancer is not good. It's also not that big a surprise. This is a reminder that this technology won't work in every cancer and may work best in the areas where medicines like Keytruda are already effective. Keytruda is only used in colorectal cancer when it is driven by defects in DNA repair (MSI-High or mismatch repair deficient cancer). So this was a longer-shot trial. The one to watch for the $BNTX is pancreatic cancer. The biggest market for such treatments -- and the one valuations will swing on -- is non-small cell lung cancer, which is also the big market for Keytruda. This is probably less of a big deal than it seems at first glance. $BNTX $ARCT $MRNA $MRK are all down.