Moderna Shares Up Almost 250% This Year as Vaccine Trials Continue
It's been a monumental few days for Moderna (NASDAQ: MRNA). Its stock experienced a significant spike on Monday after the pharma giant announced that phase 1 trials for its prospective COVID-19 vaccine, mRNA-1273, showed promising interim results. Shares closed almost 20% higher on Monday compared with last Friday's final price and were up nearly 340% year to date when the closing gong rang. Meanwhile, the Dow Jones Industrial Average (DJINDICES: ^DJI) gained over 900 points on Monday, an increase of just under 4%.
Just hours after releasing positive initial data for its coronavirus vaccine candidate, Moderna also announced that it was issuing a massive secondary offering of more than 20 million new shares at $76 per share. The offering was pending closure as of market close on Thursday, and the company anticipates it to bring in $1.34 billion. The company plans to use most of these proceeds to fund its prospective coronavirus vaccine, mRNA-1273, and other mRNA-based candidates in its drug pipeline.
When the closing bell rang on Tuesday, Moderna stock was up about 273% year to date and down about 10% from Monday's close, a clear signal that some of the initial furor surrounding the company's announcement of phase 1 data had leveled out. To gain a clearer picture of where this stock stands as a current and future investment opportunity, let's take a closer look at the drug company's most recent financials and the latest developments in its race to develop a coronavirus vaccine.
Source Fool.com
