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Moderna’s (MRNA) stock is surging today, driven by speculation that its coronavirus vaccine, mRNA-1273, will deliver positive results and secure large orders in the near future. Adding to the momentum, Nasdaq announced that it will include Moderna in the Nasdaq 100 index. After reaching an all-time high of $87, the stock pulled back amid rumors that the government is delaying the start of the Phase 3 trial for the COVID-19 vaccine. Investors are now eagerly awaiting the full data from the Phase 1 trial, expected later this month, while Phase 3 is anticipated to begin in late July. Moderna has already completed patient enrollment for the Phase 2 study of the vaccine.
Some analysts believe that the Food and Drug Administration (FDA) could issue an emergency use authorization for the vaccine by early 2021. If approved, the vaccine could generate up to $2 billion in sales in its first year due to high demand.
Moderna has reported that mRNA-1273 is generally safe and well-tolerated, with a safety profile consistent with previous infectious disease vaccine trials.
The competition for a COVID-19 vaccine is intensifying, with more than 20 vaccines currently in human trials and over 130 in the early stages of development.
Moderna’s stock price is currently up 16.58% at $72.95, continuing its positive momentum after briefly dipping below the 50-day moving average. The progress of the coronavirus vaccine will be the key factor influencing the stock price, and positive trial results could push the stock to new record highs.
On the technical side, the first resistance level is at $74.45, the daily high. The next resistance is at $79.97, the high from the May 19 trading session, with the critical supply zone at the all-time high of $87.
On the downside, initial support is at $63.80, the daily low, followed by the 50-day moving average at $61.87. If sellers break through that support, the next target would be $55.90, the low from July 2.