Stocks of Moderna Inc. elevated in Monday late trading after it anticipated to roll out a reformulated vaccine against the Omicron variant by early 2022.
Correspondingly, the biotechnology company edged up 1.71% or 6.31 points to $374.82 per share. At the same time, it followed its surge of 11.80% to 368.51 in the regular trading session.
On Monday, Moderna CEO Stephane Bancel explained that developing a vaccine that specifically targets the new coronavirus variant would take months.
Nevertheless, he noted that a higher 100-microgram dose of the firm’s booster shot could be ready much sooner.
Accordingly, the vaccine maker believed that the omicron strain is highly infectious.
However, it will take at least two weeks to identify how mutations have impacted the current efficacy of the available vaccines.
In line with this, Moderna explained that they could hand in higher doses worldwide to protect people, specifically those who are at high risk.
For instance, immunocompromised people and the elderly must have their fourth vaccine.
Then, experts said that the US Food and Drug Administration could move fast to approve a new vaccine. This will help mitigate the spread of Omicron.
Meanwhile, rival Pfizer already initiated its work on manufacturing a new vaccine. It already established its first DNA template last Friday.
Subsequently, its Omicron shots will be available in less than 100 days as it quickly formulated those for the Beta and Delta variants.
Moreover, the World Health Organization noted that Omicron has more than 30 mutations on the spike protein that binds to human cells.
Consequently, these mutations lead to faster transmission and potentially weakened antibody protection.
Furthermore, Moderna warned the public that the new type of coronavirus already spreads across the globe.
Moderna Outperforms other Covid Vaccine Makers
On Monday, Moderna outperformed its rival coronavirus vaccine makers as they benefited from the latest pandemic jitters.
BioNTech soared 4.17% or 14.52 points to $362.52 per share. It also gained 0.30% or 1.08 points to $363.60 per share in the post-trading.
In regular hours, Johnson & Johnson rose 0.35% or 0.55 points to $159.75 per share. Subsequently, it strengthened 0.16% or 0.25 points to $160.00 as the market closed.
Meanwhile, Novavax declined 11.02% or 24.01 points to $193.96 per share. Eventually, it reversed its plunge as it widened 2.65% or 5.14 points to $199.10 per share in the after-hours.
Similarly, Pfizer shed 2.96% or 1.60 points to $52.40 per share. Then, it gained 0.27% or 0.14 points to $52.54 in the post-market.