The stock price of Moderna (NASDAQ: MRNA) following news that critical COVID-19 vaccine data from late-stage trials would be released in the coming days.
Moderna shares closed at $87.81 each, up by 6.51% on Thursday. It gained a bit more during the extended trading to $88.04 per share.
The Cambridge, Massachusetts company will be the second major pharmaceutical firm to develop a viable coronavirus vaccine. Earlier this week, Pfizer and BioNTech touted preliminary results showing a vaccine effectiveness rate of 90%.
On Oct. 29 Moderna told investors it was on track to roll out a global vaccine after successfully enrolling 30,000 participants in its late-stage trial. The company expects at least 53 people in the trial will contract the virus which is the minimum number of cases for an independent data safety monitoring board.
Brad Loncar, a biotech investor and chief executive officer at Loncar Investments told CNBC that the Pfizer-BioNTech vaccine is a sign of good fortune for Moderna since it uses a variant of messenger RNA or mNRA utilized to provoke an immune response. The Food and Drug Administration (FDA) has said it would approve a vaccine with 50% effectiveness that is safe.