Moderna Inc continues its surge from where it left off, posting gains of up to 8.4% on the day after its announcement that it had escalated its coronavirus vaccine candidate clinical trials to the late stage. This milestone puts Moderna’s coronavirus potential vaccine at the forefront of the US government’s Operation Warp Speed Program. This project is a US government initiative to accelerate the development of treatments and vaccines against the coronavirus in the US.
The study aims to enrol and test about 30,000 healthy adults. According to Dr Anthony Fauci, who heads the National Institute of Allergies and Infectious Diseases, enrolment into the project will be concluded at the end of summer, with data to be released as early as November.
Technical Outlook for Moderna
Moderna share price continues to be driven by news of the progress of its coronavirus vaccine candidate. It pulled back in June and July after hitting a high of 95.00, following the break of the channel. The dip has provided a rally opportunity, coming off a bounce on the 78.24 support level. A further advance takes the stock to 18 May highs around 86.37. Highs of 14 and 29 July are clustered around this price level. A break of this area aims for the 17 July highs at 95.
Conversely, a breakdown of 78.24 allows 73.40 and 67.09 to present themselves as new support, with 55.72 and 50.83 presenting themselves only after an extended drop in prices. The movement of the stock remains very fluid as more news surrounding the progress of its vaccine candidate hit the newswires.
Moderna Daily Chart