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magazineModerna shares surge on cancer venture and Biden booster plan
Shares in pharmaceutical and biotechnology company Moderna (MRNA:NASDAQ) have had a difficult time since we emerged from the pandemic. However, they’ve started to move up since mid-August.
The company’s success in developing a Covid-19 vaccine using mRNA technology helped propel it to highs of around $450 in 2021 but as demand for these vaccines has eased, the shares dwindled to $96 a few weeks ago.
News the company has signed a deal with China’s CARsgen to co-develop a combined cancer vaccine therapy helps lend credence to the idea Moderna’s mRNA platform can be used to address all sorts of areas beyond Covid.
It is this potential which has seen Moderna investors like Scottish Mortgage (SMT) keep their faith in the business and its long-term prospects. Moderna is already partnered with Merck (MRK:NYSE) to work on a bespoke vaccine for patients who have had the skin cancer melanoma surgically removed.
News the Biden administration is planning a programme of booster shots to help counter a new wave of Covid cases, with Moderna developing new vaccines specifically targeting emerging strains, is also providing support to the stock.
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