What happened
Shares of Moderna (MRNA 2.81%) were rising 2% as of 11:04 a.m. EDT on Friday. The company didn't report any new developments. Instead, the stock appears to still be benefiting from good news earlier this week as well as strength in the overall stock market.
So what
There were two positive developments for Moderna this week. The company won a deal with the European Commission to supply another 150 million doses of its COVID-19 vaccine in 2022. And investors were relieved that the only action taken in response to a potential link between messenger RNA COVID vaccines and rare heart inflammation issues was that the Food and Drug Administration is adding a warning to the vaccines' labels.
Image source: Getty Images.
These two stories are both good signs that Moderna remains one of the juggernauts in the global COVID vaccine market (along with Pfizer and its partner BioNTech). Even without the two developments, though, it's possible that the biotech stock would have risen today thanks to the solid overall stock market gains. A rising tide really does usually lift all boats.
Now what
Moderna should report increasing revenue and profits in its upcoming quarterly updates thanks to the success of its COVID vaccine. A key wild card for the company is whether or not booster doses will be needed, and if so, how frequently they'll be required.
