What happened
Shares of Moderna (MRNA 0.90%) 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.
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.
