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Moderna Loses Ground on New Product News
Moderna (NASDAQ:MRNA) has more to offer beyond its COVID vaccine.
The biotech company Wednesday announced positive clinical trial data on three experimental vaccines against other viruses. The company says it is moving those shots to final stage studies.
The update brings Moderna a step closer to having multiple products on the market, which it badly needs amid plunging demand for COVID shots worldwide. The company's COVID jab is its only commercially available product. Moderna's stock has long been tied to that vaccine, with shares falling nearly 45% last year.
Moderna will chart its post-COVID future Wednesday during its fifth annual“Vaccines Day,” an investor event in Boston focused on the company's vaccine portfolio.
That business has an estimated total addressable market of $52 billion for infectious disease shots, which includes $27 billion for respiratory vaccines and more than $25 billion for latent shots and other jabs. Latent viruses linger inside patients for prolonged periods without causing any symptoms.
During the event, the company will present the new clinical trial data on the three vaccines.
Those vaccines include a shot against norovirus, a highly contagious stomach bug that causes vomiting and diarrhea; a vaccine against Epstein-Barr virus, a common herpes virus that can cause contagious infections and is associated with some cancers; and a shot designed to target a virus that causes shingles and chickenpox.
MRNA shares forfeited 88 cents to $106.54.
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