Moderna (MRNA) Stock Rockets On COVID-19 Vaccine Update

Moderna MRNA Stock News

Moderna Inc (NASDAQ: MRNA) is running for the top in the market this morning, and for good reason. The company is gaining more than 15% early on after announcing its results for the first quarter.

Although financial data was provided, the spotlight was on the work the company is doing to produce a COVID-19 vaccine. Here’s what’s going on:

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MRNA Stock Screams For The Top On COVID-19 Update

In the release, Moderna said that it has made great progress on its novel coronavirus vaccine, known as mRNA1273. This progress includes clearance from the United States Food and Drug Administration, or FDA, to move forward with a Phase 2 study assessing the vaccine candidate.

Moreover, MRNA said that it is currently working to finalize the protocol for the Phase 3 study of the vaccine candidate. It is expected that the pivotal Phase 3 study will start as early as summer of this year.

The company reminded investors that it received funding from BARDA. The $483 million grant provided by BARDA was earmarked specifically to accelerate the development of mRNA-1273, the company’s coronavirus vaccine candidate.

The company is also working to ensure that manufacturing is in line with demand. In fact, it entered into a strategic collaboration with Lonza Ltd. that surrounds the manufacture of up to one billion doses of the vaccine per year.

In a statement, Stephane Bancel, CEO At MRNA, had the following to offer:

The imminent Phase 2 study start is a crucial step forward as we continue to advance the clinical development of mRNA-1273, our vaccine candidate against SARS-CoV-2. With the goal of starting the mRNA-1273 pivotal Phase 3 study early this summer, Moderna is now preparing to potentially have its first BLA approved as soon as 2021. We are accelerating manufacturing scale-up and our partnership with Lonza puts us in a position to make and distribute as many vaccine doses of mRNA-1273 as possible, should it prove to be safe and effective. We also are continuing to progress our development pipeline and invest in our future. We are very pleased with Vertex’s decision, based on our preclinical progress, to extend our strategic collaboration working to develop the technology to allow for delivery of mRNA in the lung.

This Is Huge News

At the end of the day, while there are plenty of companies racing to find a viable vaccine for the novel coronavirus, few actually have anything tangible. Of those, even fewer are ready for the clinic.

Moderna is on the other side of that equation. Not only does the company has a tangible vaccine candidate under development, it has already received FDA clearance to move forward with Phase 2 studies and is already working on the protocol for Phase 3.

MRNA also has manufacturing in line, and received a significant accolade when BARDA provided one of its largest funding awards during the COVID-19 pandemic to the company. All of this combined puts the company among the leaders in the race, making MRNA a stock that’s well worth watching!

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