Moderna Rallies On Speculation That Its Coronavirus Vaccine Will Get FDA Approval

Novavax coronavirus vaccine Moderna
Novavax coronavirus vaccine

Moderna MRNA stock jumps today on speculation that coronavirus vaccine mRNA-1273 will provide positive results and will get big order in the news future. Nasdaq also said that it would add the stock to the Nasdaq 100 index. Moderna, after it hit the all-time highs at $87, retreated on rumours that government is delaying the initiation of the phase three trial of the COVID-19 vaccine. Investors await the full data from the phase 1 trial later on the month while phase 3 also expected to start later in July. MRNA has completed enrolling patients for the Phase II study of the vaccine.

While some analysts expect that the Food and Drug Administration (FDA) could issue the vaccine, an emergency use authorization by early 2021.
If the coronavirus vaccine gets approval, the demand will skyrocket the first year with estimates of up to $2 billion in sales.

Moderna said that mRNA-1273 was generally safe and well-tolerated, with a safety profile consistent with that seen in prior infectious disease vaccine trials.

The competition around the COVID-19 vaccine is getting harder as there is over 20 vaccine in human testing trials and over 130 in the early phases of development.

MRNA Daily Technical Analysis

Moderna stock price is 16.58% higher at 72.95, adding to positive momentum after a short break below the 50-day moving average. The developments in the coronavirus vaccine will be the primary driver of the price, and positive news from trials could send the stock to new records. 

On the technical side, initial resistance stands at $74.45 the daily top. Next resistance will be met at $79.97 the high from May 19 trading session. The critical supply zone is at the all-time highs at 87. 

On the flip side, the first support will be met at 63.80 the daily low. Next level to watch is the 50-day moving average at 61.87. If sellers, break that support, then the next target would be at 55.90 the low from July 2. 

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Moderna Daily Chart

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