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Moderna Inc saw a 5.75% increase in its share price today, driven by the release of new data from trials of its coronavirus vaccine candidate.
In a market update reported by Reuters, Moderna Inc announced on Wednesday that preliminary analysis from its latest trials showed similar immune responses in both younger and older participants. The company stated that its coronavirus vaccine candidate, mRNA-1273, produced comparable immunogenicity in individuals aged 56-70 years as it did in younger adults when administered at a 100 mcg dose.
These results, from Phase 3 clinical trials, represent a significant milestone toward final approval for human use. Typically, after a Phase 3 trial, the FDA conducts a review, which can lead to either approval for use or further testing in Phase 4.
The positive news immediately impacted investor sentiment, leading to a rebound in Moderna’s stock, which had recently experienced a downward correction as investors took profits from earlier gains. Moderna Inc is currently trading at 70.22, nearly 6% higher on the day.
Moderna’s share price has bounced back from the 38.2% Fibonacci retracement level of the move from the March 13, 2020 low to the July 17 record high. This level, at 66.65, now acts as immediate support, further reinforced by the ascending trendline connecting the lows of April 21, July 2, and August 24/25. If the price continues to rise, the next target is the 73.40 resistance level, which corresponds to the highs of May 21 and July 24, as well as the lows of July 23, July 31, and August 6. Overcoming this level would allow the price to aim for the 23.6% Fibonacci retracement resistance at 77.50, marked by the highs of July 13 and August 5. The push toward 73.40 will need to break through the upper border of the current channel.
On the downside, the price increase could stall at any of these resistance levels, forming lower highs that might signal a pause in the uptrend. A significant selloff could occur if Moderna’s share price falls below the channel and the ascending support trendline. The key level for sellers is 63.45, which aligns with the lows of July 13 and August 24/25. A breakdown below this level could lead to further declines toward the 55.72 support level (the lows of June 2 and July 2), with 50.83 also becoming relevant if the price drops below 55.72.