What happened
The coronavirus pandemic might, just might, be easing, but top COVID-19 vaccine maker Moderna (MRNA -2.30%) was ascendant on Tuesday. The company's share price closed more than 2% higher on a down day for the S&P 500 index, thanks to some encouraging supply news.
So what
Shortly before market close on Monday, the Food and Drug Administration (FDA) announced it had authorized a set of Moderna's latest Spikevax COVID booster vaccine for use. Specifically, it green-lighted five batches of the booster, a bivalent jab that aims to block both the original coronavirus and its omicron variants, saying that these boosters were safe for the public.
Those batches are made at an Indiana facility operated by a subsidiary of Catalent. Strictly speaking, that company isn't covered under Moderna's emergency use authorization (EUA) for the booster. Given recent issues with supply of the bivalent shot, however, the FDA has been rather flexible about the situation. Last week, it permitted the release of 10 batches made at the facility.
Just after the new Spikevax booster's rollout, numerous pharmacies throughout the country reported that they were experiencing supply shortages. To an extent, this was due to a limited government supply, although this problem seems to have been alleviated at the larger pharmacy chains such as CVS Health and Walgreens Boots Alliance.
Now what
While inoculating people against the coronavirus is going to help continue paying the bills for Moderna, this pandemic will not last forever. What should be front of mind for anyone considering buying or holding the biotech company's stock is its (admittedly thick) pipeline, since Spikevax remains the only product it has so far brought to market.
