While Moderna continues to wait for the European Commission’s decision on whether or not to approve the use of its vaccine within European Union member states, the biotech firm received a monumental boost as the European Medicines Agency (EMA) recommended that Moderna’s vaccine be authorized for use.
EMA executive director Emer Cooke justified his organization’s position by explaining that Moderna’s vaccine paves another path for addressing the coronavirus outbreak across Europe. He then stated that EMA’s support of the Moderna vaccine is “a testament to the efforts and commitment of all involved that we have this second positive vaccine recommendation just short of a year since the pandemic was declared by (World Health Organization).”
EMA was highly complimentary of the late-stage testing results attained by Moderna’s vaccine candidate. The vaccine proved to be 94.1% effective against COVID-19 while managing to remain 90.9% effective among participants who had severe cases of the disease.
The second vaccine provider to receive European authorization following Pfizer and BioNTech’s joint effort, Moderna’s stock has risen by 6.5% to $116.26. This increase has helped the stock to gradually recover from its 39% decline since Tuesday’s markets close.
