A view of Moderna headquarters in Cambridge, Mass., earlier this month.
That would have been a premium of almost 14% over the $66.69 price of Moderna stock on Friday. The price represents a 5% discount to Monday's closing price.
After rallying more than 32 per cent from a multi-year low hit in March, the S&P 500 had been trading in a tight range in May as investors weighed the hopes of an economic recovery against the fears of another wave of infection as states lifted virus-led restrictions. The offering is expected to close this week. We also don't know why Moderna only reported results on eight of their 45 participants.
Let's be clear about the proper question to ask about this chronology.
Volume on US exchanges was 12.63 billion shares, compared to the 11.4 billion average for the full session over the last 20 trading days.
That arguably reflects the time-worn principle of striking while the iron is hot.
The progress is relatively quick for any experimental vaccine, let alone one like Moderna's based on a new and unproven technology. It's especially pertinent because the announced results were arguably premature.
"The fact that Moderna came out with the Phase 1 trial that seems to be positive, that certainly is igniting the storm", he said.
Several global news sources have noted that multiple manufacturers working on a viable vaccine is a good thing because the demand for a working vaccine will by far exceed the production capacity of any one supplier.
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Of the remaining 11 patients, six tested "positive by serology", meaning they had coronavirus antibodies , says Demetre C. Only one in 1,000 children normally suffer from the condition, and only a small number of those require intensive care.
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Government experts evaluated some 100 vaccine candidates and identified 14 they believe have the best chance of succeeding. The World Health Organization sounded a cautious note on Thursday.
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He was impressed to learn that all 45 participants made antibodies to COVID-19, and that the higher the dose of the vaccine, the more they produced.
"There was no real data presented", he told CNN. At first glance, the results look exciting. An mRNA vaccine is a new type of vaccine that aims to develop immunity in patients with the introduction of an RNA (or Ribonucleic acid) containing vector, such as a lipid nanoparticle.
Moderna's vaccine is one of the few in development to be this far advanced in human trials, with Phase 2 already approved and set to commence, and Phase 3 scheduled to kick off as soon as July.
It's not at all unusual for drugs that pass the undemanding standards of Phase 1 trials to fail in the final analysis. So although these first results are promising, if this doesn't hold up, then there is every reason to hope that one of the many other vaccine candidates in development could be the right one.
However, if Moderna continues to have success with clinical trials, having an effective and safe vaccine by 2021 could be possible.
So far, Moderna has not brought a single drug to market - not an unusual situation in the biotech world.
The Israeli chief medical officer of the Massachusetts-based biotech firm Moderna told Israeli television on May 18 that the company's COVID-19 vaccine likely will be able to reach the USA market at the end of 2020 or beginning of 2021.
"This is great news", says John Cooke, said John Cooke, a physician scientist at Houston Methodist Hospital, who was not associated with this trial, in an email to Lifehacker.
But was there good reason for so much enthusiasm?