Moderna Inc (NASDAQ: MRNA) like a host of other biotech stocks was in the green in yesterday’s session. This was driven by investor speculation on companies that are looking into Coronavirus. In yesterday’s session, MRNA rallied to close the day with gains of 7.67% on a day when the stock markets closed lower.
Besides the speculation, the company announced that it was working with Fauci’s agency to work on a vaccine for coronavirus. Moderna specializes in the development of vaccines that are based on RNA, and through this partnership, they are hoping to come up with an RNA-based vaccine. The vaccine they are hoping for is based on the spikes that are presented on the surface of this virus. This if successful will see people get vaccinated without getting exposure to the virus. The idea is to trick the body to respond by creating antibodies, just like it would when dealing with the real virus.
A few days ago, Moderna had announced that, it had entered into a partnership with CEPI (Coalition for Epidemic Preparedness Innovations) for the same purpose – to come up with an mRNA vaccine to fight the coronavirus. The agreement stated that, Moderna will make an RNA vaccine, while CEPI will provide funding. Through this partnership, they hope to come with a vaccine as fast as possible.
Commenting on the partnership, Moderna CEO stated that, they believe the company’s technology has the potential to accelerate the development of a vaccine. This, he said, places the company in pole position to come up with a vaccine for the virus.
From a look at its price action, MRNA continued its uptrend that it has sustained from last year. In yesterday’s session, the stock opened the day at $22.10 and traded between a low of $21.12 and a high of $23.12 before closing the day at $22.74. Volumes in the day stood at 10.29 million.
About Moderna Inc
Moderna Inc is a biotech company that develops vaccines for infectious diseases. It is based in Cambridge, Massachusetts.