Moderna Rises on Positive Results From Flu Vaccine, Other Plans to Move Beyond Covid

“With today’s positive Phase 3 flu results, along with previous results in Covid and RSV, we are now three for three on advancing respiratory disease programs to positive Phase 3 data,” Chief Executive Stéphane Bancel said in the news release.

The data were released as the company works toward expanding its pipeline now that Covid-19 vaccine demand decreases. In the company’s second quarter, Covid-19 sales tumbled 94% from the same period a year ago. The company also said it was cutting back on its prior estimate of the size of the U.S. commercial Covid-19 vaccine market.

The concern that a lack of Covid-19 demand will impact the company’s balance sheet has continued to hit shares, with the stock tumbling 38% this year while the
S&P 500
has climbed 16%.

But flu vaccines aren’t the only next step for
Moderna.
The company said Wednesday that it plans to begin a second Phase 3 trial, with partner
Merck
(MRK), of mRNA-4157 for non-small cell lung cancer later this year. Investors can expect updates on that trial in the company’s fourth quarter.

Moderna added that it expects to launch up to 15 new products over the next five years “addressing high unmet needs.” Traders will be listening in on the company’s investor event Wednesday afternoon to learn about more business updates.

Shares of Moderna jumped 5.6% to $111.16. The stock was the best performer in the
S&P 500
and the
Nasdaq 100
Wednesday.

Write to Angela Palumbo at [email protected]