MRNA Stock Forecast: Moderna Inc dips on concerns of allergic reactions to its COVID-19 vaccine

NASDAQ:MRNA falls 3.58% despite a market rally coming out of the MLK holiday.
The state of California halts the issuance of Moderna’s vaccine candidate because of allergic reactions.
Moderna’s CEO likens the COVID-19 vaccine market to the seasonal flu.

Stocks Reporter FXStreet

NASDAQ:MRNA has carried its momentum from the end of 2020 into 2021 so far as the stock has steadily risen throughout the first two trading weeks of the new year. On Tuesday, following the MLK extended holiday in the United States, Moderna shed 3.58% amidst a global market rally that saw the NASDAQ add 1.53% and the S&P 500 add 30 basis points. Moderna continues to be a global leader in the ongoing fight against the novel coronavirus, and investors have reaped the rewards as the stock is up nearly 520% over the past 52-weeks.

The pullback in price may be related to a recent report out of California that health officials had ordered a halt to the issuance of Moderna’s vaccine candidate mRNA-1273 due to allergic reactions from patients. This is not the first time that the issue of allergies has arisen, as Moderna’s rival Pfizer (NYSE:PFE) also reported reactions when its vaccine was issued in the United Kingdom. Apparently, over 300,000 vaccine doses have been put on pause until health officials can find out more about the reactions, which came from one specific clinic. The shipment that was delivered to that clinic, however, was a part of a larger shipment that distributed over 1.2 million doses around the United States.

MRNA stock price news

Recently, Moderna CEO Stephane Bancel caught the ear of investors when he stated that the COVID-19 vaccine could be a recurring seasonal dosage. While this isn’t great news for the population as a whole, it seems Moderna is expecting a recurring revenue stream from mRNA-1273 moving forward. Moderna is already expecting an estimated $11 billion in 2021 from mRNA-1273 alone.

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Stocks Reporter

FXStreet

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