Moderna MRNA At Fresh Record Highs On Positive Results From The Coronavirus Vaccine
Biopharma Moderna MRNA is 15.56% higher at $76.68 making fresh record highs after the announcement of positive early-stage results from a Phase 1 study of its for mRNA-1273 coronavirus vaccine. Moderna said it would begin a phase 3 trials by July, earlier than it previously hoped.
Across three doses of the COVID-19 vaccine, patients showed increases in the immune response. The human trial showed that the vaccine produced Covid-19 antibodies in all 45 participants. At day 43, almost two weeks after the second dose was given to patients, the levels of antibodies were at the levels seen in blood samples from people who recovered from the disease, the company said. Another trial group received a single higher dose. Later, their antibodies exceeded those of recovered patients.
The company said mRNA-1273 was generally safe and well-tolerated, with a safety profile consistent with that seen in prior infectious disease vaccine clinical trials.
Tal Zaks, the Moderna’s chief medical officer, said: “These Phase 1 results, while early, demonstrate that vaccination with mRNA 1273 elicits an immune response of the magnitude caused by infection starting with a dose as low as 25 µg. and he added that: “combined with the success in preventing viral replication in the lungs of a pre-clinical challenge model at a dose that elicited similar levels of neutralizing antibodies, these data substantiate our belief that mRNA-1273 has the potential to prevent COVID-19 disease and advance our ability to select a dose for pivotal trials.”
Moderna (MRNA) plans to hire more than 150 new staff members and believe that would be able to supply millions of vaccine doses per month this year and with some extra investments, tens of millions of vaccine doses per month in 2021 if the Moderna’s vaccine candidate is successful in the clinical trials.
Moderna stock price started with a gap up after the positive news for the coronavirus vaccine, as of writing is 25.51% higher at $83.80, having hit in premarket $87 per share. The technical outlook for Moderna stock is bullish but very risky as the stock price has reached overbought level.
Investors must be cautious as the news around the coronavirus vaccine will be the primary driver of the stock price in the upcoming weeks.
On the upside, first resistance stands at $87 the daily and record highs. Next resistance will be met at $90 the psychological mark.
On the other side, initial support will be met at 75.66 the daily low. Next level to watch is the high from Friday’s session at $67.46 that will also signal the closing of today’s gap and might attract more sellers, targeting 61.70 the low from May 14.