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Moderna and Regeneron Jump on Positive Covid-19 Vaccine Trials

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More good news on the hunt-for-a-vaccine front on Wednesday after both Moderna  (MRNA) - Get Moderna, Inc. Report and Regeneron  (REGN) - Get Regeneron Pharmaceuticals, Inc. Report reveal positive test-trial results for their respective Covid-19 vaccines that are in the works.

Moderna rose 4% and Regeneron gained 3.55% in premarket trading on Wednesday alongside other vaccine producers after the two companies announced positive test-trial results for their respective coronavirus vaccines in the works.

Cambridge, Mass.-based Moderna said that early-stage data indicated its Covid-19 vaccine can generate neutralizing antibodies in older and elderly adults at levels comparable to those in younger adults. The study was published in The New England Journal of Medicine.

Regeneron, meanwhile, said its own early study results indicate its antibody cocktail may help treat coronavirus patients outside of the hospital by reducing virus levels and symptoms.

Both announcements come as drug and pharmaceutical companies race to find a viable antidote to Covid-19, which has killed more than 1 million globally this year, one-fifth of those in the United States alone.

CureVac (CVAC), which late on Tuesday announced the start of its own Phase 2 clinical trial of its Covid-19 vaccine candidate, was up 8.1% premarket, while shares of Pfizer (PFE) - Get Report and BioNTech (BNTX) - Get Report, which also have a vaccine trial underway, were up 0.7% and 0.5% respectively.

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