Moderna stock (NASDAQ:MRNA) was on the rise on Tuesday. Thanks to some optimistic supply news, the company’s stock finished more than 2% higher on a poor day for the S&P 500 index.
What Happened to Moderna Stock?
The coronavirus epidemic may be diminishing, but leading COVID-19 vaccine producer Moderna stock (NASDAQ:MRNA) was on a steady rise.
To assist in alleviating supply constraints, the FDA approved five more batches of the current Spikevax booster.
The batch was made at an Indiana plant run by a Catalent subsidiary. Investors hailed some excellent news about vaccine supplies.
So, what’s the deal?
The Food and Drug Administration (FDA) stated just before market close on Monday that it has approved the use of Moderna’s newest Spikevax COVID booster vaccine. It approved five batches of the booster, a bivalent shot that seeks to fight both the original coronavirus and its omicron versions, declaring them safe for the general population.
Those batches are produced at an Indiana plant run by a Catalent subsidiary. That corporation is strictly not protected by Moderna’s emergency use authorization (EUA) for the booster. However, the FDA has been accommodating, given recent supply concerns with the bivalent injection. It allowed the discharge of ten batches manufactured at the plant last week.
Several pharmacies throughout the nation reported supply difficulties shortly after the new Spikevax booster was released. This was partly brought on by a scarcity of government supply, although this seems to have been addressed at major drugstore chains such as CVS Health and Walgreens Boots Alliance.
So, what now?
While immunizing individuals against the coronavirus will help Moderna stay in business, the pandemic will not persist forever. The biotech company’s (albeit lengthy) pipeline should be front of mind for anybody contemplating purchasing or retaining its shares, given Spikevax remains its lone product to date.
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