Moderna Surges on Heels of Solid Quarterly Report, Potential Coronavirus Vaccine

Moderna ships a potential Covid-19 vaccine for testing by the National Institutes of Health.
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Shares of Moderna  (MRNA) - Get Report were higher again Wednesday on the heels of a solid quarterly report and news the biotech has shipped out a potential coronavirus vaccine for testing.

Moderna's stock price shot up 15.44% to $27.44 a share after the company, which is developing a range of experimental drugs, reported a narrower loss for the fourth quarter than analysts had expected.

The gains come after shares of Moderna rocketed 27.81% to $23.76 a share Tuesday after the Cambridge, Mass.-based biotech announced it had shipped a potential Covid-19 vaccine to the National Institute of Allergy and Infectious Diseases.

The National Institutes of Health will now test the vaccine, with the trial to take place in the United States.

Moderna reported a fourth-quarter loss of $124.2 million, or 37 cents a share, 6 cents narrower the 43-cents-a-share loss that analysts surveyed by Zacks Investment Research had forecast. 

Moderna Q4 Earnings graphic

Moderna missed the mark on revenue, reporting $14.1 million, compared with the $16.9 million that analysts had estimated.

Still, the biggest factor behind Moderna's surging stock price is its potential Covid-19 vaccine, mRNA-1273.

Juan Andres, chief technical operations and quality officer for Moderna, praised the biotech's research team for developing a potential vaccine in "record speed," having just sequenced the virus' genome 42 days earlier.

A top U.S. health official warned Tuesday that the spread of the virus in the United States is now inevitable as Covid-19 spreads beyond China to other countries in Asia and Europe.

"I want to thank the entire Moderna team for their extraordinary effort in responding to this global health emergency," Andres said in a press statement.