Shares of Modern (NASDAQ:ARNM) fell 9% on Tuesday as biotechnology raced to determine whether its coronavirus vaccine is effective against a highly contagious new strain of the virus.
Investors and the world cheered when a Phase 3 clinical trial showed Moderna’s vaccine candidate, mRNA-1273, to be 94% effective against COVID-19 and 100% effective in preventing forms serious illness. Moderna’s share price almost doubled after the drug manufacturer released data from an interim analysis of the clinical trial in mid-November.
However, after hitting an all-time high of $178.50 on Dec. 1, Moderna has lost around 30% of its value. Investors are growing increasingly concerned about a new strain of coronavirus that is spreading rapidly across the UK, leading government officials to impose new lockdowns and more than 40 other countries to impose travel bans.
Health officials are optimistic that Moderna’s vaccine will work against the new virus strain, but it will be time before they can be more certain. Moderna is currently conducting tests to confirm the effectiveness of its vaccine against the new variant of the virus, and hopes to be able to provide more data in the coming weeks.
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