Why shares of Moderna jumped 6% on Wednesday

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American Biotechnology firm, Moderna (NASDAQ: MRNA) shares closed in positive for the second consecutive day. The $MRNA stock closed more than 6% higher on Wednesday after the early data of its experimental COVID-19 vaccine showed comparable immune response between older and younger volunteers. The analysis looked at 100 microgram dosage that has been selected for the larger Phase 3 trial.

In a best-case scenario, we might know if the vaccine works by October- Moderna CEO Stephane Bancel said.

The drug developer is one of the leading US contenders to develop a vaccine for novel Coronavirus. Recently, the company has announced that it has concluded advanced talks with the European Union to supply 80 million doses of its COVID-19 vaccine. Earlier this month, Moderna reached an agreement with the US government for an initial 100 million doses of its vaccine candidate mRNA-1273 in a deal worth up to $1.525bn.

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$MRNA shares climbed almost 10$ in the last two days from 62$ to 72$. During the July month, the share price reached a record high of 95$ after receiving an additional $472 million of funding, starting a phase-3 trial of COVID-19 vaccine.
 
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