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FOCUS ON SHARE: State funding for vaccine rekindles rally at Moderna | message


NEW YORK (dpa-AFX) – The last stalled rally in the shares of Moderna was revived on Monday thanks to the approval of public funding. Hoping that the biotech company could take the lead with a coronavirus vaccine with additional government funding, Nasdaq stocks advanced about 9 percent to just under $ 80.

It was announced on Monday that the US government would assume the additional costs for a significantly expanded phase 3 study. Because of a significantly higher number of subjects, the company is expected to receive additional funds of up to $ 472 million. The US agency responsible, Barda, is increasing the funds for the clinical trials to a total of around $ 955 million.

After an initial price jump above the $ 90 mark in mid-July, the stock, which is popular among investors as a source of hope in the Corona crisis, recently paid tribute to its record run. From the high of $ 95, it had dropped by almost a third in Friday’s low to $ 66. Analyst Salveen Richter from Goldman Sachs, however, continues to see the price target for the paper she recommends for purchase at $ 105.

Good news from the vaccine front is just right for investors as infection numbers increase. Recently, the pandemic has spread more and more, especially in the southern United States. Goldman analyst Richter has long been encouraged by the progress at Moderna. Previous interim results gave hope for a quick approval of the vaccine, the expert emphasized on Monday./tih/he

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