Moderna Stock Climbs on Upbeat Vaccine Update

An unwinding of short interest could push the security higher, too

Deputy Editor
May 25, 2021 at 10:30 AM
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Moderna Inc (NASDAQ:MRNA) is the second company -- after Pfizer (PFE) -- to develop a Covid-19 vaccine proven to be highly effective in younger age groups. The drugmaker said today that its jab has a 100% efficacy rate in a study of adolescents ages 12 to 17, and it plans to ask the U.S. Food and Drug Administration (FDA) to expand the emergency use of the vaccine to teens early next month. This news also comes just a few days after Moderna's vaccine gained approval in Japan and South Korea.

Moderna stock was last seen 1.7% higher to trade at $166.96. Earlier this month, MRNA looked poised to reclaim its Feb. 8 record high of $189.26, but $190 once again proved a tricky ceiling. Despite the choppy price action, MRNA has only breached its 120-day moving average twice on a closing basis in 2021, and sports a 59.3% year-to-date lead.

The equity could also benefit from an unwinding of short interest, which climbed 9.3% in the most recent reporting period. The 12.94 million shares sold short make up nearly 4% of MRNA's available float, and would take over a day to cover at its average daily pace of trading

 

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