Moderna stock was rising sharply in premarket trading on Monday after vaccine maker Omicron called an improved vaccine to tackle covid The variant could be ready in early 2022.
Moderna (ticker: mRNA) rose more than 9% to $361.33 in premarket trading on Monday. The stock rose 20.6% on Friday after Moderna said it was working to move quickly to target an Omicron-specific booster candidate. 60 to 90 days to start clinical trials.
Moderna’s chief medical officer Paul Burton told the BBC: “We should be aware in the next few weeks of the potential of an existing vaccine that provides protection.”Andrew Marr Show” on Sunday.
“If we have to make a new vaccine, I think it’s going to be early 2022, before it’s going to be available in really large quantities,” he said. “The remarkable thing about the mRNA vaccine, the Moderna platform, is that we can move very fast,” he said.
Several countries have moved to enforce travel restrictions as they gather information about the Omicron strain and its spread. Japan said it was closing its borders to foreign visitors.
Dr. Anthony Fauci, making the rounds on Sunday’s news show, said the US should know in two weeks whether the variant is resistant to existing vaccines. He stressed that the time has come for people to get vaccinated and get their booster shots if they haven’t already.
“I don’t think there’s any chance that it could completely evade any protection from the vaccine,” he told ABC. This week, “It might dampen it a bit, but that’s why you promote it.”
Analysts at Piper Sandler said Moderna is “in a better position to develop a novel COVID-19 vaccine, and now has the capacity to manufacture several hundred million vaccine doses each month.”
“We estimate SpikeVax revenue to be $17.5 billion in 2021 to reach $21 billion in 2022; however, acknowledge that SARS-CoV-2 is not going away and will provide years of future revenue.” analysts said.
Piper Sandler reiterated its overweight rating on the stock. It has a price target of $348 per share.
The emergence of the Omicron version of Covid-19 plunged stock markets on Friday, sending the Dow Jones Industrial Average lower by 900 points.
Stock futures on Monday were indicating a modest rebound for US equities.
Write to Joe Woelfel at [email protected]