Moderna Inc (NASDAQ: MRNA) is seeking full approval for its covid vaccine from the US FDA.
Full approval allows the company to stay in the market even after the coronavirus pandemic ends and sell its vaccine directly to the consumers at different price points.
The company proved in May 2021 that its coronavirus vaccine is 100% effective in teens aged between 12 and 17 years.
In early 2021, Moderna stock is under pressure because the Biden administration and Katherine Tai, U.S. Trade Representative Ambassador, favored waiving the patent protection for coronavirus vaccines from companies such as BioNTech SE (NASDAQ: BNTX) and Moderna. Patent waiver allows other companies worldwide to manufacture coronavirus vaccine on a large scale and save several lives worldwide.
India seeks the support of the EU for patent waiver
Developing nations like India would benefit from patent waiver of Covid vaccines. India sought support from the EU also in this endeavor to mass-produce the vaccines and protect its people from the deadly variants of coronaviruses.
However, some opponents in the EU, like Angela Merkel, German Vice-Chancellor, said such a move would hurt biotech companies’ interests and profitability.
Moderna is readying a booster to protect people against new variants of coronavirus detected in other nations like South Africa in May 2021.
It banks on mRNA technology, a promising messenger. mRNA is found in the human body that gives instructions to create protein.
SARS-COV-2, the virus that causes coronavirus, is included in the spike proteins. The vaccines manufactured by Moderna comprise mRNA to instruct the body to create a similar structure to protect against the spike proteins.
Administration of Covid vaccine triggers the body’s immune system to develop T-cells and antibodies to fight coronavirus.
Moderna stock breakout
Moderna stock breakout above $208, and it could soon target levels of $250 and above. It now closed at $233.2 on June 4, 2021.
The stock delivered decent earnings of $2.84 per share in Q1 2021. It posted revenues of $1.9 billion in Q1 2021 against $8 million in the same period last year.
Commercialization of coronavirus vaccine in the US and efforts to ramp up sales worldwide improved its revenues several times this year. The company expects to report $4.41 billion in sales in Q2 2021.