Why Moderna Stock Is Rocketing Higher Today
Shares of the mid-cap biopharma Moderna, Inc. (NASDAQ: MRNA) spiked by as much as 17% in pre-market action Friday morning. The biotech's shares are surging this morning in response to a $483 million award from the Biomedical Advanced Research and Development Authority (BARDA), which is a division of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services.
This government-based financing will be used to accelerate the development of Moderna's messenger RNA (mRNA) vaccine candidate, mRNA-1273, against the novel coronavirus. This experimental SARS-CoV-2 vaccine is presently in an early-stage trial, which is being conducted by the National Institutes of Health.
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