Moderna Stock Slips As Early Flu Vaccine Data Disappoints
Moderna (MRNA:US) shares are trading modestly lower today after the vaccine maker issued a business update during its 4th Vaccine Day event, held on April 11.
Investors reacted negatively to the announcement that the company’s first flu vaccine candidate (mRNA-1010) didn’t accumulate enough data to be seen as “early success” and therefore for the Phase 3 trial to be stopped. Moderna said it will advance another candidate as a result.
“With mRNA-1010, our first investigational vaccine against seasonal flu, we are encouraged by the consistently strong immunogenicity results against influenza A, and titers consistent with non-inferiority against influenza B strains in the most recent Phase 3 trial,” said Stéphane Bancel, Chief Executive Officer of Moderna.
In other news, Moderna said it expects to generate between $8 billion and $15 billion in sales from its respiratory program, which at the moment includes only the Covid vaccine. However, the vaccine maker expects its RSV shot to be approved soon. The company added that it expects to file for full approval of its experimental RSV vaccine in the coming weeks.
The corresponding operating profit should be in the range of $4 billion to $9 billion.
Moreover, Moderna said it hopes to offer several cancer and heart disease-focused vaccines by 2030.
The portfolio update comes at a time of underperformance in Moderna shares. The stock is down 13% year-to-date, with investors now shifting their focus towards the next week when Moderna and Merck are due to update the public on a vaccine against melanoma cancer.
In the meantime, Representative Ro Khanna remains an active trader of Moderna shares. Most recently, the Congressman sold some shares of Moderna in February after mostly buying the stock over the course of 2022.
