Moderna’s shares fell as much as 9.4% in midday trading on Thursday after a report said the biotech company’s late-stage trial for a possible coronavirus vaccine would be delayed, possibly a few weeks.
The company, which is working with the National Institutes of Health, was expected to begin a phase 3 trial with 30,000 participants for its vaccine candidate later this month, pending the results of its mid-stage trial.
However, the company is making changes to the test plan, which has delayed the expected start date, according to the health care publication STAT News, citing an investigator. STAT News said it is unclear how long the start date will be delayed.
“I understood that they wanted to receive the first vaccines in July, and they say they are still committed to doing so,” an investigator told STAT News. “The best I can say is that they are close to being the target for that.”
In response to the report, Moderna CEO Stephane Bancel told CNBC’s Meg Tirrell, “We have always said July. And I confirm July.”
The shares made up some of the losses, but still declined by more than 5% in afternoon trading.
Moderna’s experimental vaccine contains genetic material called messenger RNA or mRNA. MRNA is a genetic code that tells cells what to build, in this case, an antigen that can induce an immune response to the virus. She became the first candidate to enter a phase 1 trial in humans in March.
Dr. Anthony Fauci, the country’s leading infectious disease expert, has often touted the potential vaccine.
In May, the company released data from its early-stage trial, which showed that the vaccine produced neutralizing antibodies to Covid-19 in at least eight participants. The vaccine also produced binding antibodies in all participants.
Moderna’s effort is one of several working on a possible vaccine for Covid-19, which has infected more than 10 million people and killed at least 516,970, according to data compiled by Johns Hopkins University. According to the World Health Organization, more than 100 vaccines are being developed worldwide. At least 17 vaccines are already in clinical trials, according to the WHO.
On Wednesday, Pfizer released positive results from its early-human study of a coronavirus vaccine.
Moderna’s delay could delay its goal of providing data on whether its vaccine is safe and effective by the end of the year. If all goes well with the next Moderna trial, the vaccine may be available for public distribution in late December or early 2021.
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