Why Moderna Stock Zoomed Nearly 16% Higher on Wednesday
A big legal victory across the Atlantic Ocean was the news propelling Moderna (NASDAQ: MRNA) stock to a significant price surge on Hump Day. The win by the company, best known as the producer of the Spikevax COVID vaccine, pushed its stock nearly 16% higher during the trading session. By contrast, the S&P 500 (SNPINDEX: ^GSPC) could only muster a 1.1% gain.Earlier that day, a court in Düsseldorf, Germany ruled that a COVID patent held by Moderna had been violated by a pair of rivals, American pharmaceutical giant Pfizer and its partner, German biotech BioNTech. The two had collaborated on developing and bringing to market another go-to COVID jab during the pandemic, ultimately brand-named Comirnaty. Those two companies will have to reach into their coffers to compensate Moderna. The court said both Pfizer and BioNTech will be required to provide information on earnings that derived from the use of the patent in question; this will be used to determine how much they'll have to pay.Continue reading
A big legal victory across the Atlantic Ocean was the news propelling Moderna (NASDAQ: MRNA) stock to a significant price surge on Hump Day. The win by the company, best known as the producer of the Spikevax COVID vaccine, pushed its stock nearly 16% higher during the trading session. By contrast, the S&P 500 (SNPINDEX: ^GSPC) could only muster a 1.1% gain.
Earlier that day, a court in Düsseldorf, Germany ruled that a COVID patent held by Moderna had been violated by a pair of rivals, American pharmaceutical giant Pfizer and its partner, German biotech BioNTech. The two had collaborated on developing and bringing to market another go-to COVID jab during the pandemic, ultimately brand-named Comirnaty.
Those two companies will have to reach into their coffers to compensate Moderna. The court said both Pfizer and BioNTech will be required to provide information on earnings that derived from the use of the patent in question; this will be used to determine how much they'll have to pay.
