Moderna MRNA At Fresh Record Highs On Positive Results From The Coronavirus Vaccine

    Moderna MRNA At Fresh Record Highs On Positive Results From The Coronavirus Vaccine
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    Biopharma company Moderna (MRNA) saw its stock surge by 15.56% to $76.68, reaching new record highs after announcing positive early-stage results from a Phase 1 study of its COVID-19 vaccine, mRNA-1273. Moderna plans to begin Phase 3 trials by July, earlier than originally anticipated.

    In the Phase 1 trial, patients across three different doses of the vaccine showed significant increases in immune response. The vaccine produced COVID-19 antibodies in all 45 participants. By day 43, nearly two weeks after the second dose, antibody levels in patients matched those found in recovered COVID-19 patients. Another group that received a single higher dose showed even higher antibody levels than those who had recovered from the virus.

    Moderna reported that mRNA-1273 was generally safe and well-tolerated, with a safety profile similar to that seen in previous infectious disease vaccine trials.

    The company has secured $483 million from the Biomedical Advanced Research and Development Authority (BARDA) to support the manufacturing scale-up and development of the mRNA-1273 vaccine. The Phase 1 study began on March 16 and has already completed enrollment for three dose cohorts (25µg, 100µg, and 250µg).

    Moderna plans to hire over 150 new employees and expects to be able to produce millions of vaccine doses per month this year. With additional investment, they aim to ramp up production to tens of millions of doses per month in 2021, assuming the vaccine candidate succeeds in clinical trials.

    Moderna’s stock opened with a significant gap up following the positive vaccine news and is currently 25.51% higher at $83.80, having reached $87 per share in pre-market trading. While the technical outlook for Moderna’s stock is bullish, it is also risky, as the stock has entered overbought territory.

    Investors should be cautious, as the ongoing news about the COVID-19 vaccine will likely be the main factor influencing the stock’s price in the coming weeks.

    On the upside, the first resistance level is at $87, the daily and record high, followed by the psychological barrier at $90. On the downside, initial support is at $75.66, the daily low, with the next level at $67.46, Friday’s session high, which could signal a gap closure and attract more sellers targeting $61.70, the low from May 14.