Why Moderna Shares Rallied Nearly 6% on Monday
Shares of biotech Moderna (NASDAQ: MRNA) ended today's session higher by 5.7%. Though there was no news about the company, a confluence of closely related developments is providing a tailwind for the stock.
Much of today's credit for Moderna's gain can go to pharmaceutical giant Pfizer (NYSE: PFE), not for what happened, but for what didn't. On Friday, the company announced its oral antiviral drug Paxlovid did not prove to be an effective treatment for COVID-19. In that Moderna is also heavily involved in the battle against COVID, any failure from a competitor translates into opportunity for a business with a similar product already on the market.
In this same vein, Modena filed an official request with the Food and Drug Administration on Thursday to market its COVID vaccine to children between the ages of 6 months and 6 years, and filed a comparable request with European Union regulators on Friday. While neither request is guaranteed to be granted, both pose growth opportunities.
Source Fool.com
