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With the existence of huge global demand for the vaccine, Moderna stock is expected to rally further in the coming quarters.
Moderna Inc (NASDAQ: MRNA) stock closed Monday’s session at $125.01, down 3.58%. Meanwhile, they had dropped further by approximately 0.81% during the pre-market trading session. The dip in the stock price has been attributed to the news that Moderna vaccine recent batch has caused allergic reactions, despite more doses left unused. The investigation was prompted by comments from a top California epidemiologist who recommended a pause due to a high number of allergic reaction cases.
“A higher-than-usual number of possible allergic reactions were reported with a specific lot of Moderna vaccine administered at one community vaccination clinic. Fewer than 10 individuals required medical attention over the span of 24 hours,” the epidemiologist said in a statement.
However, let not the dip delude you, Moderna stock rallied more than 470% last year. Besides, Moderna stocks are up approximately 82% in the past three months.
Moderna Stock amid Its Vaccine Progress
Moderna stock has attracted more investors since the onset of the coronavirus pandemic earlier last year. Mind you, Moderna coronavirus vaccine was previously approved for emergency use by the US FDA.
Investors and affiliated analysts remain optimistic about Moderna’s stock market performance in the near future. With the existence of huge global demand, Moderna stock is expected to rally further in the coming quarters.
Moderna has a lot of support both from the private sector and the government sector in its bid to develop a viable coronavirus vaccine. The support has been reciprocated to a higher market valuation that stands at approximately $51.3 billion with 395.71 million outstanding shares.
The huge cash reserve puts the company in a position of delivering more coronavirus vaccine doses as the demand rises by the day.
Notably, metrics provided by worldometers.info indicate a rising number of reported cases. The total number of reported cases globally stands at approximately 96.67 million. Out of those, approximately 2.06 million have succumbed to the complications while approximately 69.37 million have recovered. Currently, there are approximately 25.23 million active cases globally.
With the virus still being contagious, there is a huge likelihood of more people being infected and spreading it unknowingly. Hereby the need for an emergency vaccine to protect the elderly and those with underlying health issues.
Moderna is likely to count huge losses if the batch is deemed unfit for human consumption. A total of 307,300 doses from the lot remain in storage out of the total 1,272,200 doses that were produced in the batch.
Investors will be closely watching how the events unfold in order to take action on the Moderna stock on both a long-term and short-term basis.