Shares of Moderna (NASDAQ:MRNA) fell 3.4% on Tuesday, as the race for a COVID-19 vaccine intensifies.
Several vaccine development projects that are employing similar technology as Moderna have recently received substantial funding. This includes projects led by German biotech CureVac -- which received a $337 million investment from the German government on Monday -- and Imperial College London, which received more than $50 million from the UK government.
In all, more than 100 vaccines are currently being developed around the world. Moderna has some formidable rivals, including healthcare titans Johnson & Johnson, Pfizer, and AstraZeneca.
Moderna CEO Stephane Bancel told Bloomberg that its efficacy data for its coronavirus vaccine candidate, mRNA-1273, could be available by Thanksgiving in a best-case scenario. Moderna is currently conducting a Phase 2 study of its experimental COVID-19 vaccine, and it plans to begin a Phase 3 study in July.
With infection counts rising, governments across the world are scrambling to secure potential coronavirus vaccines and treatments. Moderna recently reached an agreement with Israel for the future purchase of its vaccine, should it prove both safe and effective.