Moderna Inc. (MRNA) recently announced that it will submit an application to the United States Food and Drug Administration (FDA) for getting emergency approval for its Covid-19 vaccine. The application, which it plans to submit on Monday, is based on complete results from a late-stage trial of its vaccine., which is 94.1 percent effective in preventing the virus.
Shares of the Massachusetts-based biotechnology company skyrocketed more than 20 percent this morning and hit a new 52-week high of $153.87 following the announcement.
The company also said that its vaccine is 100 percent effective in preventing serious cases. Moderna
The FDA earlier set a benchmark of 50 percent efficacy for approval of covid-19 vaccines. Comparatively, both Moderna
Businesses and common people around the world have expressed happiness on the announcements made by the aforesaid companies. They are hoping the pandemic will come to an end after vaccines are made widely available. Covid-19 has severely hit economies around the world, besides claiming more than 1.40 million lives globally.
FDA’s independent advisors are slated to meet on December 17 to review the phase-3 study data of Moderna and give recommendations to the drug regulatory authority. On the other hand, the advisors will make recommendations for Pfizer vaccine after discussing its results on December 10, which means Pfizer is one week ahead of Moderna.
Moderna-U.K. supply deal
The United Kingdom has recently inked another deal with Moderna
Britain has made supply contracts with seven other drugmakers. Overall, it has secured 357 million doses of the Covid-19 vaccines from different developers, including 40 million from Pfizer and 100 million from AstraZeneca PLC. The U.K. is expected to start receiving the deliveries from spring 2021.
Why Moderna stock is a better buy right now?
So far, three pharmaceutical companies are expected to win regulatory approvals for their Covid-19 vaccines including Pfizer, Moderna, and AstraZeneca. Both Pfizer and AstraZeneca have developed their vaccine with the help of their partners.
Pfizer has developed its drug candidate, named BNT162b2, with the help of its partner BioNTech. Ultimately, the two companies will have to share any profit generated from the sale of BNT162b2. The same thing goes for AstraZeneca, which has developed its vaccine candidate AZD1222 with the help of the University of Oxford. The two companies have not revealed any financial details regarding how they are going to split the revenue. But shared profit certainly results in slower growth.
On the other hand, Moderna
Moderna stock performance