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Moderna Share Price Drops 2.4% After FDA Strikes Down Booster Shot Proposal

Novavax coronavirus vaccine Moderna
Novavax coronavirus vaccine

The Moderna share price took a hit in after-hours trading after the US Food and Drug Administration (FDA) voted to reject the request of Moderna and Pfizer to administer booster shots of their COVID-19 vaccines. 

Despite a study released earlier in the week which put Moderna’s vaccine ahead of that of Pfizer and AstraZeneca in maintaining efficacy to protect from hospitalization, the FDA struck down the booster dose request late Friday.

Investors reacted to the news by selling off the stock, leading to a 2.41% drop on Friday.

Moderna Share Price Outlook

The Moderna share price looks set to open for next week’s trading on a lower note. If it breaks down the 412.32 support level, the 361.52 neckline of the double top on the daily chart comes into view. Only a breakdown of this neckline confirms the double top pattern, opening the door for a sustained drop towards 246.36. This measured move relies on the bears taking down 342.93, 320.47 and 291.41 along the way.

On the other hand, failure to break down 412.32 allows for a potential leg up that challenges the barrier at 440.00, before 461.39 and 497.49 (ATH) come into focus.

Moderna Share Price: Daily Chart

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