Moderna Share Price Drops 2.4% After FDA Strikes Down Booster Shot Proposal

    Moderna Share Price Drops 2.4% After FDA Strikes Down Booster Shot Proposal
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    Moderna’s share price dropped in after-hours trading following the U.S. Food and Drug Administration’s (FDA) decision to reject Moderna and Pfizer’s request to administer booster shots of their COVID-19 vaccines.

    This decision came despite a study earlier in the week showing that Moderna’s vaccine was more effective than Pfizer’s and AstraZeneca’s in maintaining protection against hospitalization. The FDA’s rejection of the booster dose request led to a 2.41% decline in Moderna’s stock on Friday.

    Looking ahead, Moderna’s share price seems likely to start next week on a lower note. If the price falls below the support level at 412.32, it could bring the 361.52 neckline of the double top pattern on the daily chart into play. A breakdown of this neckline would confirm the double top pattern and could lead to a more significant drop toward 246.36, with key levels at 342.93, 320.47, and 291.41 acting as potential targets along the way.

    However, if the support at 412.32 holds, there’s a chance for the stock to rebound and challenge resistance at 440.00, with further potential gains toward 461.39 and the all-time high of 497.49.