Stock futures advance after new Moderna data stokes vaccine optimism

Stock futures advance after new Moderna data stokes vaccine optimism

Stock futures opened higher Tuesday evening after newly published data from Moderna (MRNA) fueled hopes that a vaccine providing protection against Covid-19 would be developed in the relative near-term.

Moderna’s vaccine produced neutralizing antibodies in all 45 patients included in an early-stage human safety trial, according to data published after market close by the peer-reviewed New England Journal of Medicine.

The data built on earlier promising, but incomplete, results Moderna had reported in May. A late-stage trial of the vaccine candidate is set to begin July 27, with Moderna representing one of the companies farthest along in creating a potential inoculation against the coronavirus.

The development, manufacturing and distribution of a vaccine against the coronavirus has been viewed by many as the critical component to bringing daily life back meaningfully to a semblance of normalcy. The US government has offered billions in funds among a number of drugmakers including Moderna, with the hope of delivering 300 million doses of a safe and effective vaccine against Covid-19 by January 2021.

Shares of Moderna surged as much as 19.5% as of 5:32 p.m. ET Tuesday, adding to a year to date advance of more than 280% through market close. Contracts on the Dow rose TK points, or TK%, with the 30-stock index on track for a fourth straight session of gains. The Dow closed at a more than one-month high on Tuesday.

Yahoo Finance

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