Why Moderna Popped Today
Shares of the clinical-stage biotech company Moderna (NASDAQ: MRNA) closed up 10.9% on Friday. There was no company-specific news that served as the catalyst for Moderna's shares rising today, but investors remain optimistic that the company will win the race to develop a vaccine for the coronavirus.
As a result of its efforts to develop a vaccine for COVID-19, Moderna's stock has been rising all year, and today's gains are likely a continuation of that trend.
Moderna's shares jumped yesterday after the company announced that its Investigational New Drug (IND) application for mRNA-1273 -- Moderna's potential vaccine for COVID1-19 -- was approved by the U.S. Food and Drug Administration (FDA). Moderna can now move forward with a phase 2 study for mRNA-1273, which the company said should begin "shortly." Moderna is also planning on initiating a phase 3 study in early summer.
Source Fool.com
