By 
Moderna Inc continued its upward momentum, gaining up to 8.4% in one day after announcing that its coronavirus vaccine candidate had advanced to the late-stage clinical trials. This achievement places Moderna’s potential vaccine at the forefront of the U.S. government’s Operation Warp Speed Program, an initiative aimed at speeding up the development of COVID-19 treatments and vaccines in the U.S.
The study plans to enroll and test around 30,000 healthy adults. Dr. Anthony Fauci, head of the National Institute of Allergies and Infectious Diseases, indicated that enrollment should be completed by the end of summer, with data expected as early as November.
Moderna’s share price continues to be influenced by news of its vaccine candidate’s progress. The stock pulled back in June and July after reaching a high of 95.00, following a breakout from the channel. This dip created a buying opportunity, with the stock bouncing off the 78.24 support level. A further advance could push the stock toward the May 18 highs around 86.37, with the July 14 and 29 highs clustered around this level. Breaking through this area could target the July 17 highs at 95.00.
On the other hand, if the stock breaks below 78.24, new support levels could emerge at 73.40 and 67.09, with further support at 55.72 and 50.83 if the price experiences a more extended drop. The stock’s movement remains highly reactive to ongoing news about the progress of its vaccine candidate.