What Happened?
Shares of biotechnology company Moderna (NASDAQ: MRNA) jumped 6.1% in the afternoon session after the company announced it delivered the first mRNA vaccines fully manufactured in Canada to the nation's provinces and territories.
This event marked a major milestone in the company's partnership with Canada, boosting the country's ability to produce its own vaccines and strengthening its national health security. The delivered vaccines were the updated Spikevax shots, which targeted the SARS-CoV-2 LP.8.1 variant. The entire process occurred within Canada, with the drug substance made at a facility in Laval, Quebec, and the final fill-and-finish steps completed in Cambridge, Ontario. This development provided a positive signal for the company, potentially supporting investor sentiment as Moderna worked to offset declining global sales of its COVID-19 vaccine.
The shares closed the day at $26.56, up 5.2% from previous close.
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What Is The Market Telling Us
Moderna’s shares are extremely volatile and have had 50 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 6 days ago when the stock gained 4% on the news that the company announced positive preliminary data for its updated 2025-2026 COVID-19 vaccine, Spikevax®.
The new formula, which targets the LP.8.1 variant, generated a strong immune response in a Phase 4 clinical trial, showing an 8-fold increase in neutralizing antibodies in high-risk individuals and adults over 65. Moderna reported that the vaccine's safety profile remains consistent with previous studies, with no new concerns identified. The positive clinical update suggests continued demand for the company's key product. Further bolstering investor confidence, UBS reiterated its 'Buy' rating and a $70 price target on the stock.
Moderna is down 37% since the beginning of the year, and at $26.48 per share, it is trading 60.4% below its 52-week high of $66.83 from September 2024. Investors who bought $1,000 worth of Moderna’s shares 5 years ago would now be looking at an investment worth $385.33.
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