Jul 15, 2020
On late Tuesday, 15th July Dow Jones futures and S&P 500 rose right after the biotech company Moderna announced that their COVID-19 vaccine looked promising. This news caused the stock market to show resilience once more.
Moderna announced that 45 of their patients who participated in phase one of the clinical trial showed a “robust” response to the experimental vaccine against COVID-19. The vaccine introduces genetic material from the virus into the body, which produced a protein that allows the virus to penetrate a host cell. The protein causes the body to respond by producing protective antibodies that stop the virus.
The announcement caused Moderna stock to soar. Shares of Moderna were up 4.5%. This came after it surged almost 15% on Monday. According to MarketSmith analysis, Moderna stock moved right to an 87.10 cup-base buy point. Monday was also a positive trading day for other pharma giants like Pfizer and BioNTech who are also developing vaccines against the virus.
The company reported that the vaccine “induced rapid and strong immune responses against SARS-CoV-2,” the novel coronavirus that causes COVID-19. “No serious adverse effects were reported, but some that did occur, such as headaches and fatigue, were “generally transient and mild to moderate in severity,” Moderna said.
Amidst the rising number of COVID-19 cases in the US, the Trump administration has publicly announced that the United States is “formally withdrawing” their funding from the World Health Organization.https://t.co/RzR29hCW77#who #trump #covid19 pic.twitter.com/Bk7ssn4JMb
— Online Financial Reviews (@OnlineFinancia7) July 8, 2020
The COVID-19 pandemic has heavily damaged the global economy when many countries were forced to lock down and pause their economies. An effective vaccine could be revolutionary since governments are unwilling to cease restrictions which have caused the infections to spark up again in some countries.