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Having closed at $28.18 with a 6.38% rise yesterday, Moderna (MRNA) stock is in the green today again. The rise is greatly attributed to the investors’ hype due to the onset of the first human trial of coronavirus vaccine.
Moderna Inc (NASDAQ: MRNA) stock has experienced another sweet day. Today in the pre-market, Moderna stock was rising by nearly 3%. And now, as the trading session is opened, it is up another 6%. This was a big leap after rising almost 6.38% yesterday, despite the company not having a solid product in the market. The big leap is being attributed to the hype from investors who are betting big on the company, if and if only its vaccine goes as expected.
Today, at teh time of writing, Moderna (MRNA) stock is trading at $30.05 (+6.64%).
The company had reported that it had closed the first patient in the phase 1 study, which evaluates its mRNA-based vaccine against the deadly coronavirus. This is the first study to be conducted by the National Institute of Health on the vaccine against coronavirus. In return, investors are hopeful the company will succeed and hit the ground on the multi-billion dollar market.
Previously, the company had announced that it had successfully begun the clinical study for coronavirus vaccine. This was only nine weeks from sequence selection for the SARS-CoV-2 vaccine. To back its quest for the vaccine, the company had also announced that it is working with the United States National Institute of Allergy and Infectious Disease.
In addition, Moderna has collaborated with the Coalition for Epidemic Preparedness Innovations to work on the vaccine. Rumours are that the first clinical batch of mRNA-1273 vaccine has been funded by the Coalition for Epidemic Preparedness Innovations.
As the number of infected people nears the 200, 000 mark, and the deaths nearly 7,000, things can never be better for Moderna if it hits the jackpot on the novel coronavirus vaccine.
Moderna Stock Today and Tomorrow amid Coronavirus Outbreak
Despite the company having no product in the market, it seems most investors are running away from the so perceived risky markets to take advantage of the crisis. Such a market crisis has been a lucrative source of millionaires in the past who only happened to have been in the right place at the right time.
Moderna as a company is competing with other big pharmaceutical companies to develop the vaccine that is proving a headache on the global level. Since the beginning of the year, the company has seen its stock rise from ashes to hit the all-time high.
With the bulls showing their tenacity to push even much upward, the card on the table remains how far the rise can be sustained. I think it is time the virus is tamed fast to avoid a scenario of mass deaths due to a mistake that was caused by a few reckless or self-centred people.