Shares of cruise lines jumped on Monday after drugmaker Moderna (MRNA) - Get Report said that its coronavirus vaccine candidate has an efficacy rate of 94.5%, higher than the one being produced by rival Pfizer (PFE) - Get Report.
The news sent cruise stocks higher Monday as many industry watchers don't see cruise lines returning to full operations until a vaccine is widely available and customers again feel confident enough to book travel.
Earlier this month, Norwegian said that it was suspending all trips through December. The move came after the Centers for Disease Control and Prevention pulled its No Sail Order and unveiled new guidelines to get ships back in the water after they meet certain covid-19 protocols, including testing and quarantine.
Moderna said it could have 20 million doses available for the U.S. market this year, as well as a total supply of between 500 million and 1 billion doses worldwide next year.
Moderna said its vaccine hit a 94.5% efficacy rate, topping the 90% threshold reported by Pfizer, the New York health-care giant, last week for its vaccine.
Moderna, Cambridge, Mass., also said that its product can last as long as six months when stored at standard freezer temperatures of minus-4 degrees Fahrenheit, compared with the minus-94 degree temperature required for the Pfizer vaccine.
And Moderna said it expected to apply for emergency-use authorization with the U.S. Food and Drug Administration within the coming weeks. The European Medicines Agency's human medicines committee on Monday launched a rolling review of the vaccine.
A rolling review "means that the committee has started evaluating the first batch of data on the vaccine, which come from laboratory studies (non-clinical data)," the EMA says on its website.
"This does not mean that a conclusion can be reached yet on the vaccine’s safety and effectiveness, as much of the evidence is still to be submitted to the committee."