Why Moderna Shares Are Rising Today

Why Moderna Shares Are Rising Today

Moderna Inc MRNA shares are trading higher by 7.08% to $140.52 Wednesday afternoon. The company said it is open to providing COVID vaccines to China and building a COVID vaccine plant in Japan.

What Happened?

Moderna CEO Stephane Bancel told Nikkei that "Moderna would like to build a plant in Japan, adding that it wants to centralize all processes, including manufacturing, in one facility. Location and other details remain undetermined, but the plant would be able to produce COVID, flu and other vaccines", Bancel said.

The vaccine developed by Moderna for the omicron variant has already been approved in Japan. The bivalent vaccine, which is effective for both the conventional and the BA.1 omicron variant, will be available soon. Vaccines for BA.4 and BA.5, currently the most prevalent strains, are being prepared.

Also, Argus Research analyst Jasper Hellweg Wednesday maintained Moderna with a Buy and lowered the price target from $180 to $150.

See Also: What's Going On With Tesla Stock Today

According to data from Benzinga Pro, Moderna has a 52-week high of $458.50 and a 52-week low of $115.61.

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