Shares of Moderna Inc rallied just over 30 per cent in the intraday trade Monday after the drugmaker said that its experimental coronavirus vaccine showed promise in a small early-stage trial. Moderna stock has risen 416 per cent in the year so far as of Monday's close. The shares opened higher at $86.14 against Friday's closing level of $66.69. The stock gained as much as 30 per cent to hit a 52-week high of $87 on the NASDAQ. Shares of Moderna ended the trade at $80, up 13.31, or 19.96 per cent.
So far, there is no approved treatment or vaccine for coronavirus and experts predict a safe and effective vaccine could take 12-18 months to develop. According to early results from the study conducted by the National Institutes of Health, eight patients who were administered Moderna's vaccine were found to have antibody levels similar to those in blood samples of people who have recovered from coronavirus.
"We are investing to scale up manufacturing so we can maximise the number of doses we can produce to help protect as many people as we can from SARS-CoV-2," Moderna Chief Executive Officer Stephane Bancel said in a statement. The Moderna team continues to focus on moving as fast as safely possible to start our pivotal Phase 3 study in July and, if successful, file a BLA, he added.
The company has signed deals with Swiss contract drugmaker Lonza Group AG and the US government to produce massive quantities of its vaccine.