Moderna’s stock rises when Biotech gets $590 million from US for developing a vaccine against bird flu

The Key Takeaways

• Moderna was awarded $590 million by the U.S. federal government in order to develop a vaccine for bird flu.
• The biotech firm's mRNA-1018 candidate posted positive results in a Phase 1/2 study launched in 2023.
• Moderna is moving mRNA-1018 into a Phase 3-trial.

Moderna shares (MRNA) soared on Tuesday, after the U.S. federal government announced it had given the company more than a half billion dollars in order to create a vaccine against bird influenza.

The company said the $590 million grant from the U.S. Department of Health and Human Services was aimed at accelerating development of "mRNA-based pandemic influenza vaccines," including mRNA-1018.

Moderna announced that they will start testing the mRNA-1018 Phase 1/2 in 2023 on adults over 18 who are healthy. They also plan to test candidates against H5 and/or H7 viruses. On the basis of positive preliminary results it announced that a Phase III study would be launched.

The Centers for Disease Control and Prevention (CDC) reported that bird flu "is widespread in wild birds worldwide and is causing outbreaks in poultry and U.S. dairy cows with several recent human cases in U.S. dairy and poultry workers." The CDC noted that, while there is a low risk to public health at the moment, they are closely monitoring the situation.

Cal-Maine Foods says that the bird flu is causing a rise in egg prices.

Cal-Maine Foods, the largest U.S. producer of eggs, announced earlier this month that egg prices continue to increase due to production restrictions caused by the outbreak of bird flu. 

Even with today's roughly 5% increase, Moderna shares remain nearly 65% lower over the last year as COVID-19 vaccine sales slump.

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