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MarketWatch MarketPulseAug 05, 2020
Moderna's stock rallies as it moves forward with enrolling its Phase 3 COVID-19 vaccine trial
Shares of Moderna Inc. gained 1.9% in premarket trading on Wednesday after the company said it plans to complete enrollment for the Phase 3 trial for its COVID-19 vaccine candidate in September and that it has already received $400 million in deposits in preparation of the experimental vaccine's regulatory authorization. Moderna, founded in 2010, is considered a preclinical company because it does not market any approved medical products. "As we pivot to a commercial-stage company, we recognize the need for responsible pricing in the face of the pandemic," CEO Stephane Bancel said in a news release. Moderna is developing one of the frontrunning COVID-19 vaccines, and the orders and government funding for its candidate have shifted the company's balance sheet this year. Moderna had a loss of $116.5 million, or 31 cents per share, in the second quarter of 2020, compared with a loss of $134.9 million, or 41 cents per share, in the same quarter a year ago. It had revenue of $66.3 million in the quarter, up from $13.1 million in the like quarter in 2019, with the company attributing the increase to COVID-19 funding and unrelated collaboration revenue from AstraZeneca . Its general and administrative expenses were $36.6 million for the past three months, compared with $28.5 million for the same period a year ago. The company has $3.07 billion in cash, as of June 30, up from $1.26 billion in December. Moderna's stock has soared 301.1% year-to-date, while the S&P 500 is up 2.3%.

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