Shares of Germany’s BioNTech and Massachusetts-based Moderna jumped on Monday amid growing enthusiasm over technology used in their coronavirus vaccines and its potential to help fight other diseases like cancer and malaria.
BioNTech’s announcement helped to boost shares on Monday. It told investors that it is pushing forward with plans for human trials for flu and malaria vaccines. The company also plans to conduct trials regarding cancer treatments.
The trials conducted by BioNTech will rely on messenger RNA technology or mRNA. It is a new type of vaccine used to protect against coronavirus. The technology used by BioNTech may also have the potential to solve challenges in vaccine development for other diseases. Moderna is also using mRNA technology in its coronavirus vaccines.
Share of Moderna jumped 17% to end the day at $484.17. On Monday, shares of BioNTech gained 14.9% to close at $447.23.
The company from Germany also reported stronger-than-expected quarterly results. BioNTech reported $6.24 billion in second-quarter sales compared to analysts’ expectations of $3.83 billion. It expects to deliver a whopping 2.2 billion doses of coronavirus vaccine in 2021.
The potential cure for deadly diseases that kills millions of people each year left investors salivating. The company’s stock jumped 422% since the beginning of 2021, while Moderna stock is up 333%.
Moderna continues to trade like the “Tesla of biotech”,-meaning that stock has a huge valuation based on high investor expectations about its future. The technology used by Moderna and BioNTech can change the world of medicine in the coming years.
It was added to the S&P 500 index in July, helping to boost the stock further. This week, Australia approved Moderna’s Covid-19 vaccine. Australia decided to order an initial 10 million doses for 2021, with an option of 15 million.
The only markered products commercially available from BioNTech as well as Moderna are Covid-19 vaccines. But both companies said that mRNA technology could treat cancer, malaria, and other diseases.
Shares of BioNTech’s partner Phizer also rose on Monday. Its shares gained 1.5% and 24% since the beginning of the year. Phizer, which developed a Covid-19 vaccine in cooperation with BioNTech, is far more diversified than its peers.
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