Moderna stock popped Tuesday after the company said it would soon ask global regulators to authorize its Covid vaccine for teens following a successful Phase 3 study.
The study enrolled 3,732 participants ages 12-17 years. In the study, there were no cases of Covid-19 among participants who received both doses, Moderna (MRNA) said. That was utilizing the primary definition, which doesn’t include mild cases.
Using the U.S. Centers for Disease Control and Prevention’s stricter definition — which includes mild infections — the effectiveness rate was 93% in teens with no previous exposure to the virus.
Moderna says it plans to ask for global authorizations early next month.
In premarket trading on the stock market today, Moderna stock jumped 2.4% near 168.10.
Moderna Stock Forms A Base
Moderna stock has risen more than 57% this year, but that includes a dip earlier this month as officials go to bat over the patents protecting Covid vaccines.
The company is going up against Pfizer (PFE) and BioNTech (BNTX) which already have a vaccine allowed in teens. The Food and Drug Administration authorized the companies’ vaccine earlier this month for children ages 12-15. Previously, the vaccine was allowed in age 16 and up.
Moderna stock is now forming a cup-with-handle base and a buy point at 189.10, according to MarketSmith.com.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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