Moderna stock rise as FDA backs COVID shot for 6-17

Shares of Moderna Inc. ticked up in Tuesday’s pre-market trading sessions. The upturn came after the company received the US Food and Drug Authority panel recommendation for its COVID-19 vaccine for ages 6 through 17.

The biotechnology company soared 1.10% or 1.34 points to $122.90 per share. Consequently, it followed the earlier surge of 3.78%, or 4.43 points to $121.56 per share.

Accordingly, Moderna’s two-dose coronavirus shot for kids gained the backing of the independent immunization experts of the FDA.

The committee unanimously voted after a meeting that weighed the effectiveness and safety of the vaccine. This recommendation is a crucial step on the distribution path.

Subsequently, they cited the drug’s common side effects, such as pain at the injection site, fatigue, headache, chills, and nausea. Then, they emphasize that no cases of myocarditis, a type of heart inflammation, were found during Moderna’s clinical trials.

However, the pilot study ended before the omicron variant became dominant. Consequently, there is uncertainty about the protection against the new strain for the age groups. For adults, experts recommended a third inoculation to increase defense.

In line with this, Moderna intends to provide data on a third dosage for the young age group.

The company anticipated the FDA to authorize the vaccines this week. Eventually, the Centers for Disease Control and Prevention must sign off on the shots before pharmacies and physicians can administer them. Then, Moderna vaccinations in this age group could start as soon as next week.

Moderna to invest $520M in Spain

Furthermore, Moderna also announced its plan to spend $520.60 million on a new laboratory in Spain. This move aims to bolster the firm’s production of vaccines.

Earlier this year, the drugmaker inked a 10-year extension deal with Spanish pharmaceutical group Rovi. The partnership intended to manufacture future drugs developed with the mRNA technology for the coronavirus vaccine.

Nevertheless, before the extended trading, the firm had lost 52.14% since the start of the year.

Several analysts cited that Moderna’s COVID-19 vaccine may pose a higher risk of heart inflammation in some age groups. This possible implication could weigh the appeal of the shot.