JNJ, MRNA Stocks Down Around 1.5%, J&J and Moderna to Produce Possible COVID-19 Vaccine

UTC | Updated
by CoinSpeaker Staff · 3 min read
JNJ, MRNA Stocks Down Around 1.5%, J&J and Moderna to Produce Possible COVID-19 Vaccine
Photo: Depositphotos

The U.S government has partnered Johnson & Johnson and Moderna to facilitate the production of the possible COVID-19 vaccine in large quantities.

The government of the United States of America alongside Johnson & Johnson (NYSE: JNJ) and Moderna Inc (NASDAQ: MRNA) have partnered to produce in more substantial amounts possible vaccine for COVID-19 before the real vaccines hit the market. As per report, the U.S. government is also working to partner with not lesser than two other anonymous firms for the same assignment.

Currently, it has not been revealed, or there are still no approved vaccines for the novel coronavirus that has not stopped ravaging the whole world affecting 803,180 people globally, leaving 41,404 dead as of press time with 623,531 active cases. Reportedly, chances of availability of a vaccine for the pandemic is slim until at least next year as they have to be tested and endorsed on people before being massively administered to several people the virus has infected.

Johnson & Johnson and Moderna Coronavirus Vaccine Development

As Coinspeaker reported on Monday, J&J announced that the human trial of its experimental vaccine for COVID-19 would start in September. The firm stated that the vaccine would be ready for emergency use authorization early next year while the firm also revealed that it has signed a $1 billion deal with the U.S. government to co-fund research and also increase the manufacturing capacity of the COVID-19 vaccine. After the J&J announcement, the firm’s share began to rise, surging 4% and closed 8% higher at $133.01.

Moderna, on the other hand, began testing its vaccine on people and, like J&J, and partnered the Biomedical Advanced Research and Development Authority (BARDA), part of the U.S. Department of Health and Human Services.

This move by the United States is said to help encourage drug makers and firms working towards finding a COVID-19 vaccine to produce in large quantities even if eventually it does not cure the disease. J&J will get around $420 million funds in part from BARDA. The agency in an interview said that they plan to expend a certain amount (not disclosed) to ramp-up manufacturing for Moderna’s COVID-19 vaccine candidate.

The agency also intends to provide support for about five or six experimental vaccine candidates hoping that at least two or three would work for the virus, according to Rick Bright, BARDA director.

“Government and industry are working in unprecedented ways,” Bright said. The hope is to work “as quickly as possible and manufacture enough of it for us and the rest of the world in a concise timeframe.” However, experts have said that it would take as much as 12-18 months to approve a safe and effective vaccine for the virus.

JNJ and MRNA Stocks Falling

As reported earlier by Coinspeaker, J&J’s announcement of its vaccine propelled a 4% surge in pre-marketing trading yesterday. But within the month Johnson & Johnson stock fell 20% after it hit its all-time high in February.

However, it is still experiencing a 7% annual deficit with today’s rally appearing to have lost steam below its 20-day moving average.

As at the time of writing, the JNJ stock price has dropped a bit by 1.41 %. The stock is trading at $131.12.

Moderna (MRNA) is trading at $29,95 after plunging -1.74%. However, on Monday the price of Moderna shares rose 1.4% to hit $30.48.

Market News, News, Stocks
CoinSpeaker Staff
Author: CoinSpeaker Staff

Please check out latest news, expert comments and industry insights from Coinspeaker's contributors.

Share this article

Related Articles