Moderna, the renowned vaccine maker, experienced a boost in stock prices following the release of positive results from a Phase 3 trial for their mRNA flu vaccine. Additionally, the company provided insights into its future plans for developing vaccines targeting cancer and other diseases.
Promising Phase 3 Results for mRNA-1010 Flu Vaccine
Moderna announced on Wednesday that their flu vaccine, mRNA-1010, successfully met its primary endpoint in a recent late-stage trial. This achievement adds to the positive Phase 3 data the company has previously obtained for respiratory disease programs such as Covid and RSV. Stéphane Bancel, CEO of Moderna, expressed his satisfaction with the results, stating, “With today’s positive Phase 3 flu results, along with previous results in Covid and RSV, we are now three for three on advancing respiratory disease programs to positive Phase 3 data.”
Expanding Pipeline Amid Decreasing Covid-19 Demand
As Covid-19 vaccine demand begins to decrease, Moderna is focused on expanding its pipeline to combat other diseases. The company experienced a significant decline in Covid-19 sales during the second quarter of the year, with a 94% drop compared to the same period last year. Consequently, Moderna has revised its earlier estimate of the size of the U.S. commercial Covid-19 vaccine market. This change in circumstances has affected the company’s stock performance, with a 41% decrease this year while the S&P 500 index has seen a 16% increase.
Venturing Beyond Flu Vaccines
Moderna’s ambitions extend beyond flu vaccines. In their recent announcement, they revealed plans to initiate a second Phase 3 trial in partnership with Merck (MRK) for mRNA-4157, targeting non-small cell lung cancer. The trial is expected to commence later this year, and further updates will be provided in Moderna’s fourth-quarter report.
Furthermore, Moderna is confident in its ability to introduce up to 15 new products within the next five years, addressing critical unmet needs. Investors are eagerly anticipating the company’s investor event scheduled for Wednesday afternoon, wherein more business updates will be shared.
Stock Prices Respond Positively
Following the positive news, Moderna’s stock saw a 4.1% surge in premarket trading on Wednesday, reaching $109.60.