Why Moderna Stock Crushed the Market Today
The coronavirus pandemic might, just might, be easing, but top COVID-19 vaccine maker Moderna (NASDAQ: MRNA) was ascendant on Tuesday. The company's share price closed more than 2% higher on a down day for the S&P 500 index, thanks to some encouraging supply news.
Shortly before market close on Monday, the Food and Drug Administration (FDA) announced it had authorized a set of Moderna's latest Spikevax COVID booster vaccine for use. Specifically, it green-lighted five batches of the booster, a bivalent jab that aims to block both the original coronavirus and its omicron variants, saying that these boosters were safe for the public.
Those batches are made at an Indiana facility operated by a subsidiary of Catalent. Strictly speaking, that company isn't covered under Moderna's emergency use authorization (EUA) for the booster. Given recent issues with supply of the bivalent shot, however, the FDA has been rather flexible about the situation. Last week, it permitted the release of 10 batches made at the facility.
Source Fool.com
