Moderna Inc’s (NASDAQ:MRNA) stock is trading higher after the company announced a major award from the U.S. Department of Health and Human Services to accelerate the development of mRNA-based pandemic influenza vaccines.
The $590 million award, funded by federal funds from the Department of Health and Human Services, Administration for Strategic Preparedness and Response (ASPR), Biomedical Advanced Research and Development Authority (BARDA), will support late-stage development and licensure of pre-pandemic mRNA-based vaccines. The agreement also expands clinical studies for up to five additional subtypes of pandemic influenza.
Moderna has already initiated a Phase 1/2 study for its investigational pandemic influenza vaccine (mRNA-1018) in healthy adults, with preliminary data showing promising results. The company plans to advance the vaccine into Phase 3 and share the Phase 1/2 results at an upcoming scientific meeting.
The news has driven MRNA stock up 5.75% to $36.02, as investors take advantage of the award and its implications for Moderna’s pipeline. The company is focused on addressing respiratory viruses, rare diseases, oncology, and latent viruses in 2025.
Source: https://finance.yahoo.com/news/why-moderna-stock-trading-higher-170839302.html