Why Moderna Stock Is Rising Today

Shares of Moderna (NASDAQ: MRNA) were rising 4.5% as of 11:10 a.m. ET on Friday. This gain came after the U.S. Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) for Moderna's COVID-19 vaccine mRNA-1273 in immunizing children ages 6 months to 17 years.

Why didn't the vaccine stock move even higher on this positive news? For one thing, the FDA's decision wasn't a surprise. Earlier this week, an advisory committee to the agency unanimously recommended the authorization of Moderna's COVID-19 vaccine for use in immunizing children.

Before today, mRNA-1273 was authorized in the U.S. only for adults ages 18 and older. The vaccine also received full FDA approval for adults in January 2022.

Source Fool.com