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Here's Why Moderna Stock Hit an All-Time High Today

By Joe Tenebruso - Jun 29, 2021 at 4:37PM

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Promising clinical trial results are prompting more governments to authorize the biotech's coronavirus vaccine.

What happened

Shares of Moderna (MRNA -5.83%) climbed 5% to a record closing high above $234 on Tuesday, with two positive developments contributing to the biotechnology company's gains.

So what

Moderna announced that its COVID-19 vaccine appears to provide protection against several new coronavirus strains, including the Delta variant that is spreading rapidly around the world. "These findings highlight the importance of continuing to vaccinate populations with an effective primary series vaccine," CEO Stephane Bancel said in a press release. 

A person is pointing to an upwardly sloping stock chart.

Moderna's stock price has soared in 2021. Image source: Getty Images.

Moderna also said that the government of India granted an Emergency Use Authorization for its COVID-19 vaccine in adults aged 18 years and older. "I want to thank the government of India for this authorization, which marks an important step forward in the global fight against the pandemic," Bancel said. "We are committed to making our COVID-19 vaccine available around the world." 

Now what

Moderna's vaccine has emerged as a vital weapon in the global battle against COVID-19. With the drug continuing to display a remarkable efficacy and safety profile, governments around the world are ramping up their purchases of the life-saving vaccine. Moderna's stock, in turn, has delivered fortune-building returns to investors along the way, including a 124% surge so far in 2021. And with effective coronavirus protection as important today as ever, more gains appear likely.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends Moderna Inc. The Motley Fool has a disclosure policy.

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