Shares of Moderna (NASDAQ: MRNA) soared on Monday after the biotech said an analysis of its phase 3 study confirmed its experimental COVID-19 vaccine to be highly effective at preventing the dangerous disease. As of 2 p.m. EST, Moderna's stock was up more than 16%.
A primary efficacy analysis of Moderna's vaccine candidate, mRNA-1273, found it to be 94.1% effective against COVID-19, as well as 100% effective at preventing severe forms of the disease. With phase 3 clinical trial data also showing mRNA-1273 to be generally well tolerated among the study's 30,000 participants, with no serious safety concerns identified to date, Moderna said it would request an Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) and conditional approval from European health regulators on Monday.
Moderna's stock rose sharply on Monday. Image source: Getty Images.
Source Fool.com