Shares of biotechnology company Moderna Inc. (NASDAQ:MRNA) fell more than 6% in Wednesday’s regular trading session, but rebounded more than 1% in the extended session.
What Happened: The after-hours surge came as Moderna reported the effectiveness of its COVID-19 vaccine against variants in an internal study.
The biotech company reported that a single booster dose of its COVID-19 vaccine generated promising immune response against the B.1.351 and P.1 novel coronavirus variants first identified in South Africa and Brazil, respectively, citing initial data from a Phase 2 study.
The company noted that the single 50-microgram dose of its vaccine given as a booster to previously vaccinated individuals in the mid-stage trial increased neutralizing antibody responses against the original virus as well as the two variants of concern.
See Also: Moderna Inks Supply Pact Of 500M COVID-19 Vaccine Doses To COVAX Effort Starting Q4
Why It Matters: Moderna’s shares fell sharply in the regular trading session earlier after President Joe Biden’s administration voiced support for a proposal to waive patent rights covering COVID-19 vaccines. The loss of patent protection could negatively impact the sales and profits of drugmakers such as Moderna.
Moderna’s COVID-19 vaccine, which requires two doses to be given four weeks apart, received the FDA emergency use authorization in December last year.
Price Action: Moderna’s shares closed 6.2% lower in Wednesday’s regular trading session at $162.84, but added almost 1.1% in the after-hours session to $164.60.
Read Next: Pfizer COVID-19 Vaccine Expected To Get FDA Emergency Approval For Age Group 12-15 Next Week
