Modern Inc. (MRNA) – Get report Shares rose further Monday after the drug maker added nearly $ 500 million in federal funds to its coronavirus vaccine effort.
Moderna said a modification to its contract with BARDA, the U.S. Advanced Biomedical Research and Development Authority, adds $ 472 million in funding, along with a previous commitment of $ 483 million, to support late-stage development. of your candidate for the COVID-19 mRNA vaccine.
Moderna said data from a phase 1 trial of MRNA-1273, its proposed candidate, induced antibody reactions in the 45 participating patients, without serious side effects, after two injections spanning a four-week period. A larger study of about 30,000 patients will begin this week.
“We thank BARDA for this continued commitment to mRNA-1273, our candidate for the COVID-19 vaccine.” CEO Stéphane Bancel said. “Encouraged by the Phase 1 data, we believe that our mRNA vaccine can help tackle the COVID-19 pandemic and prevent future outbreaks.”
Moderna’s shares were marked 6.6% higher in the first trades at $ 77.43 each, a move that would expand earnings for the year to date to a staggering 295%.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said the data from the Moderna Phase 1 trial looked “really good,” highlighting the fact that patients suffered only minor side effects from the injection, such as headaches, fever, and fatigue.
“We believe Phase 1 is the result of several competitors demonstrating that the high immunogenicity of SARS-CoV-2 supports the likelihood that multiple candidates (vaccines) will be successful,” said BMO Capital Markets analyst George Farmer, who It has a top rating with a target price of $ 94.00 in stock.
“Clinical catalysts were awaiting this quarter and the large pre-orders for mRNA-1273 that we believe are on the way should continue to lift stocks,” he added.
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