What’s happening to Moderna shares on Wednesday?

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Shares of Moderna Inc (NASDAQ: MRNA) gained as much as 8.0% on Wednesday after the biotech giant reported promising results for its respiratory syncytial virus vaccine in older adults.

CEO Bancel discussed the update on CNBC

In a clinical trial, the said vaccine was shown to be about 83% effective in preventing lower respiratory tract disease, as per the press release this morning.

Moderna now plans on requesting FDA (Food and Drug Administration) approval for its RSV vaccine by mid-2023. On CNBC’s “Squawk Box”, CEO Stephane Bancel said:

The other great news about mRNA vaccine is because all products use the same manufacturing process, we don’t have capacity constraint. We can use the same equipment, people, and raw material as with the COVID shot.

So far, there’s no FDA-approved treatment for the respiratory syncytial virus. Moderna shares are now 75% up versus just three months ago.

Moderna says its RSV vaccine is well-tolerated

More importantly, the pharmaceutical company did not identify any safety concerns in the clinical trial comprising 37,000 participants.

In placebo, 2.8% and in the active group, the vaccine group, 4.0%. So, it’s very close to the placebo group. We really like the high efficacy and very good tolerability.

According to Morgan Stanley, the adult RSV vaccine has a total addressable market of between $7.0 billion to $10 billion.

Last month, Moderna reported promising results for its candidate melanoma vaccine as well (read more). It’s expected to earn $4.66 a share in its current quarter versus a significantly higher $11.29 a year ago. Nonetheless, Wall Street continues to recommend buying Moderna shares.

The post What’s happening to Moderna shares on Wednesday? appeared first on Invezz.

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