Moderna Inc MRNA is trading lower Wednesday after The Patent Trial and Appeals Board turned down the company's appeal to invalidate two of Arbutus Biopharma Corp's ABUS patents on drug-delivery technology.
A federal appeals court upheld the ruling to not invalidate patents held by Arbutus. The court ruled that Moderna didn't have the standing to appeal.
The stock has also been volatile amid COVID-19 omicron variant concerns.
A new strain of coronavirus, the omicron variant, has been detected in more than a dozen countries across at least five continents.
The omicron variant has more than 30 mutations on the spike protein that binds to human cells. The mutations suggest higher transmission rates and potentially reduced antibody protection.
Further research is required to assess omicron's potential to resist vaccines and immunity induced by previous infections.
See Also: Moderna CEO Weighs In On Omicron Variant: We Believe It's 'Already Present In Most Countries'
Moderna is a commercial-stage biotech company. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020.
MRNA Price Action: Moderna has traded as high as $497.49 and as low as $102.66 over a 52-week period.
The stock was down 10.20% at $316.80 at time of publication.
Photo: mufidpwt from Pixabay.
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