Moderna stock tumbled Wednesday despite promising test results that could help it beat Pfizer to the finish line with a pediatric Covid vaccine.
The company tested its vaccine in children six months to under 6 years old. The one-quarter sized two-dose series led to a similar level of virus-blocking antibodies as the standard vaccine did in adults age 18-25. Against omicron, the vaccine was 43.7% effective in children age 6 months to under 2 years. In the older age group, the shots were 37.5% protective. There were no severe cases of Covid.
Further, Moderna said the vaccine was tolerable for young children with few instances of fever and no cases of dangerous heart inflammation previously tied to messenger RNA vaccines in boys.
"Given the need for a vaccine against Covid-19 in infants and young children, we are working with the U.S. (Food and Drug Administration) and regulators globally to submit these data as soon as possible," Chief Executive Stephane Bancel said in a written statement.
But on today's stock market, Moderna stock tumbled 4.3% to 178.73. Pfizer stock dipped 1.6% to 52.19, as shares of its partner, BioNTech, fell 4.8% to 166.33.
Moderna Stock: Will It Win Out?
Moderna says it's planning to ask the FDA, the European Medicines Agency and other global officials to authorize the vaccine for young children "in the coming weeks."
That could put Moderna on track to launch a pediatric vaccine sooner than Pfizer and BioNTech — a first in a pandemic that has seen Moderna always a step behind the latter companies. The FDA allows Pfizer's shots for children as young as 5. But younger jabs have proved tricky. Pfizer is now testing a three-dose series at one-tenth the size given to adults in children as young as 6 months.
Pfizer Chief Executive Albert Bourla recently said he expects test results in the youngest children to be available in April. That would put Pfizer and BioNTech on track to launch in May.
Moderna also said it's actively submitting data to the FDA in the hopes of securing authorization for its vaccine in children age 6 to under 12 years old. It's also updating an earlier request for its vaccine in teens age 12-17 years old. But with Pfizer already authorized for these ages, Moderna stock might not get much credit for a move here.
"We remain committed to helping to end the Covid-19 pandemic with a vaccine for children of all ages," Bancel said.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
