Moderna (MRNA) reported on Monday that the company will be filing for EUA (Emergency Use Authorization) for its Covid-19 vaccine after positive news broke out regarding the vaccine’s effectiveness. If this authorization goes through, the MRNA vaccine will be the second company potentially ready to provide a vaccine in the country for emergency purposes by the end of 2020.
MRNA recently announced the details of its PHASE 3 trial results where the Moderna vaccine exhibited 94.1% efficacy. This is slightly lower than the previous efficacy result of 94.5% found in the previous trial result on November 16th.
However, the news is still exciting as the vaccine’s efficacy in extreme cases is almost 100%. Health experts are looking forward to the extensive use of the MRNA vaccine so as to reduce the strain on the health system, especially hospitals.
Moderna (MRNA) Market Cap Rises Beyond $58 Billion; Breaks Company Record
The FDA is set to have a vaccine advisory committee on the 17th of December to verify this vaccine. The vaccine is expected to be authorized soon after that. Moderna announced that they are set for shipping within 24 hours of the vaccine getting authorized.
Following this news, MRNA’s market capitalization crossed the $58 billion mark this Monday. Big day for Moderna stocks as the company is about to open a new chapter in MRNA history.
The implications of the Moderna vaccine getting authorized will trickle down to 2021 as well. If this vaccine gets licensed, it will become the first product on the market for Moderna. Stephane Bancel, Moderna CEO mentioned that once this vaccine is out in the market, MRNA can utilize the production and delivery infrastructure for other products as well. This is because MRNA is also pursuing a flu vaccine currently alongside the Covid-19 vaccine. Moderna is working hard to increase production so that they can meet with the market demands as of now.