Modern (MRNA) – Get Report shares rose a day before the vaccine maker reported gains, helped by regulatory progress and the rising delta variant of COVID-19.
The Cambridge, Mass., biotech said the US Food and Drug Administration grants accelerated designation to its experimental single-use mRNA vaccine against respiratory sincytial virus.
Separately, New York became the first city in the US to require COVID-19 vaccines for some indoor activities, including restaurants, gyms and entertainment centers, amid an outbreak of the delta variant in the country.
Moderna, which makes a COVID-19 vaccine, could increase revenues as more cities follow suit. The chance that boosters will be needed in the future is also a potential catalyst for the stock.
Moderna shares were up 8.8% at $420.63 at last check.
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For the second quarter, Moderna is expected to report earnings of $6.21 per share, up from a loss of 31 cents per share in the previous quarter. Revenue is expected to be $4.21 billion, up from $66.4 million a year earlier. The figures are drawn from a FactSet survey of analysts.
Also, the company’s profits could potentially be boosted by private sector companies demanding vaccinations for employees returning to offices.
Last month, European Union regulators recommended approval of the COVID-19 vaccine for adolescents 12 years and older.
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“On June 10, Moderna announced data from the ongoing Phase 2/3 trial, which enrolled 3,732 participants ages 12 to 18 in the US,” the company said.
“The study has met its primary endpoint, with successful bridging of the immune responses to those observed in the Cove efficacy study in adults.”