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Following Moderna CEO’s big expectations on mRNA-1273 distribution, Moderna shares jumped. On June 18, Moderna stock rose by 2.59% to close at $64.95. In pre-market today, Moderna shares are 0.08% up.
Massachusetts-based Moderna Inc (NASDAQ: MRNA), one of the COVID-19 vaccine race front-runners, is now getting ready to launch a Phase 3 trial of its mRNA-1273 vaccine in July. According to Moderna CEO Stephen Bancel, the company stands a good chance of reaching the vaccine distribution in 2021.
“It seems to be possible that we could have efficacy data by, let’s say, Thanksgiving.”
Moderna has made enormous progress in developing its COVID-19 vaccine. Its mRNA-1273 encodes for a prefusion stabilized form of the Spike (S) protein, which was selected by Moderna in collaboration with investigators at the NIAID Vaccine Research Center (VRC). Notably, it was the first vaccine candidate ready for human testing. The drug received Fast Track designation from the FDA granted mRNA-1273. Besides, the mRNA-1273 vaccine passed a safety test on animals.
Is mRNA-1273 the Most Promising Vaccine?
At the beginning of June, Moderna started enrolling participants for its phase 2 clinical trials. Further, in July, the company will begin phase 3 of mRNA 1273 vaccine trials. By the way, it is three months earlier than the company initially planned. As we have already reported, the testing will involve 30,000 people.
The vaccine has shown promising results, that’s why many bet on Moderna being the winner in the race. Stephen Bancel believes that the probability of approval from the US Food and Drug Administration (FDA) makes up 80 to 90 percent.
“We know our platform. It works on MERS, Zika and CMV and so on. When you have the right sequence … you will get neutralizing antibodies.”
Currently, Moderna is planning on massive production and distribution of the drug. The company has its own manufacturing plant, in Norwood, Massachusetts, which means it makes its “critical raw material”.
Stephen Bancel added:
“If we had had contract manufacturers. we might still be in preclinical as we speak.”
The tech giant has already signed an agreement with Israel for the future purchase of mRNA-1273.
Moderna (MRNA) Stock’s Response
Following Moderna CEO’s big expectations on mRNA-1273 distribution, Moderna shares jumped. In the trading session on June 18, Moderna stock rose by 2.59% to close at $64.95. During the day, the stock fluctuated 4.51% from a day low at $62.58 to a day high of $65.40. In pre-market today, Moderna shares are 0.08% up, $65.00 at the moment of writing. The market cap is $24.11 billion.
Moderna’s all-time highest closing price was $80.00 on May 18. But analysts believe there is not yet the full potential of Moderna stock due to the company’s progress in fighting COVID-19.