Moderna (MRNA) - Get Report shares were falling Monday after CNN cast doubt on the ability of the company to develop a coronavirus vaccine by Election Day, as President Donald Trump promised last week.
Moderna, which is currently in the middle of trials that study as many as 30,000 people, will have trouble making the president's Nov. 3 deadline, according to Peter Hotez, a vaccinologist at Baylor College of Medicine and a CNN medical analyst. He said, "There's no way. There's just no way."
That conclusion was made after a review of data from Moderna's clinical trials, in which 4,536 patients are enrolled.
Moderna shares at last check were down 3.2% to $71.73
After Moderna enrolls its subjects and gives them the first vaccine dosage, the company then has to wait 28 days before giving the second shots.
With November three months away and less than a sixth of the intended enrollment currently being studied, the timetable for the Cambridge, Mass., pharmaceutical company is tight.
Moderna's vaccine efforts are being funded by the U.S. federal government to the tune of about $955 million. The company plans to use the funds to develop its vaccine candidate, mRNA-1273.
Its current Phase III study is a collaboration with the National Institute of Allergy and Infectious Diseases. It began on the morning of July 27.
In the U.S. alone, 5.06 million infections have been confirmed and 163,000 people have died. The country continues to be one of the regions hardest hit by covid-19.
Worldwide, there have been more than 20.1 million confirmed infections with over 736,000 deaths.