Shares of Moderna (NASDAQ: MRNA) climbed on Monday, following news that the biotech company had begun its phase 3 study of its COVID-19 vaccine candidate and received additional funding from the U.S. government.
By the close of trading, Moderna's stock price was up more than 9%.
Moderna disclosed on Sunday that the Biomedical Advanced Research and Development Authority (BARDA) would provide it with up to $472 million in additional funding to further the development of its experimental COVID-19 vaccine, mRNA-1273. Combined with BARDA's previous commitment for $483 million, Moderna has now been awarded a total of $955 million in U.S. government funding.
Source Fool.com