What happened 

Shares of Moderna (NASDAQ:MRNA) jumped 7.8% to a record closing high of $348.83 on Friday after European health officials recommended authorizing the drugmaker's coronavirus vaccine for kids 12 and older. 

So what

The European Medicines Agency's Committee for Medicinal Products for Human Use adopted a positive opinion on Moderna's vaccine. The European Commission will now consider granting authorization for use in adolescents.

"As we help to combat the pandemic, we hope to be able to help get adolescents safely back to school this fall," Moderna CEO Stéphane Bancel said in a press release.

A person is pointing to an upwardly sloping line.

Investors bid up Moderna's stock price on Friday. Image source: Getty Images.

Moderna's COVID-19 vaccine demonstrated efficacy of 100% in a phase 2/3 study with more than 3,700 participants between the ages of 12 and 18. The drug was also generally well tolerated, with a safety profile consistent with that of adults in prior studies.

Now what

Allowing kids to be vaccinated will be an important part of controlling the spread of COVID. Health officials know this, and they're trying to make this happen as soon as possible while being careful to ensure the vaccines are safe for children.

Booster shots could be another powerful weapon in the battle against COVID. Although regulators want to see more data before authorizing a third dose of Pfizer's and Moderna's vaccines, calls for booster shots are mounting as new coronavirus strains, such as the delta variant, spread rapidly across the globe.

These potential new authorizations for Moderna's drug could provide a significant boost to the drugmaker's revenue and profits in the coming quarters.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.