What happened
Both Moderna (MRNA -1.22%) and BioNTech (BNTX 1.63%) benefited Tuesday from a timely reminder that the coronavirus pandemic isn't yet over, and certain patient populations remain vulnerable.
The stocks of the two companies rose on the Food and Drug Administration (FDA) amending its authorizations for the pair's COVID vaccines. Moderna enjoyed a nearly 4.4% boost to its share price, while BioNTech closed the day 3.6% higher.
Image source: Getty Images.
So what
Specifically, the FDA gave the nod for a second booster shot for people aged 50 and older of both Moderna's mRNA-1273 (also known as Spikevax) and BioNTech's Comirnaty.
A second booster of BioNTech's jab, which was co-developed with pharmaceutical sector giant Pfizer (PFE 0.19%), has also been granted authorization for use in immunocompromised people aged 12 and older. Moderna also received this permission, but only for individuals at least 18 years of age.
In its press release formally announcing the decision, the FDA quoted Peter Marks, the director of its center for biologics evaluation and research, as saying that "the data show that an initial booster dose is critical in helping to protect all adults from the potentially severe outcomes of COVID-19. So, those who have not received their initial booster dose are strongly encouraged to do so."
Now what
Spikevax and Comirnaty are two of the best weapons we have to fight off the coronavirus. So this latest regulatory green light is not only a positive development for Moderna, BioNTech, and Pfizer; it's a win for a world still engaged in a tough struggle against an awful disease.
