Shares of Moderna (NASDAQ: MRNA) exploded 15% in pre-open Monday after the company said its Covid-19 vaccine showed 94.5% efficacy in testing.
Fundamental analysis: “As good as it gets”
Moderna said its coronavirus vaccine was 94.5% effective making it the second highly-efficient vaccine after the one developed by Pfizer and BioNTech.
“These are obviously very exciting results,” said Dr Anthony Fauci, an immunologist and the director of the National Institute of Allergy and Infectious Diseases.
“It’s just as good as it gets — 94.5% is truly outstanding.”
Fauci said vaccinations may begin in the second half of December. High-risk groups will be vaccinated first, while the rest could expect the vaccine in spring 2021.
The vaccinations are likely to begin “towards the latter part of December, rather than the early part of December,” said Dr Fauci.
Moderna learned about the efficiency rate of its vaccine during a call with the Data Safety and Monitoring Board, an independent entity that studied Moderna’s trial data.
“It was one of the greatest moments in my life and my career. It is absolutely amazing to be able to develop this vaccine and see the ability to prevent symptomatic disease with such high efficacy,” said Dr. Tal Zacks, Moderna’s chief medical officer.
During Moderna’s trial, 15,000 individuals were given an effectless shot of saline as a placebo. 90 of the participants developed COVID-19 during the period of a few months, while 11 of them experienced severe symptoms.
On the other hand, additional 15,000 participants were vaccinated and only 5 in total developed COVID-19, while none had severe symptoms.
Moderna said their vaccine produced no side effects as only a small number of those who were given the vaccine had symptoms including headaches and body aches. The drugmaker will apply for vaccine approval at the US Food and Drug Administration after it collects more safety data later in November.
Technical analysis: Shares explode higher
Moderna share price exploded 15% higher today following an “outstanding” efficacy its Covid-19 vaccine recorded in testing. As a result, shares are now trading above the $100.00 mark for the first time in history. Click here to learn more about swing trading.
Any pullback is now likely to be seen as an opportunity to buy MRNA shares with support – the former all-time high – at $95.20 offering nearby support. On the upside, the first target is located at $106.29.
Biotechnology company Moderna said its coronavirus vaccine was 94.5%, another outstanding efficiency rate in preventing the deadly virus. As a result, shares exploded higher to trade at the highest ever levels.
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