Moderna skyrockets 29% after its early trial for a coronavirus vaccine produced antibodies in all 45 patients

ModernaThe biotech Moderna is working to develop personalised cancer treatments that are custom-crafted for each individual patient.

Moderna is soaring after an early trial of its coronavirus vaccine produced positive results, the company announced Monday.

Shares of the pharmaceutical company surged as much as 29% in premarket trading Monday in New York after it announced that all 45 volunteers in a trial for its coronavirus vaccine produced antibodies that may help protect them against the disease.

The phase 1 trial was conducted by the National Institute of Allergy and Infectious Diseases, which is part of the National Institutes of Health.

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Moderna plans to have the drug ready for potential emergency use in the fall – a timeline that’s never been seen for vaccine development before. Following the phase 1 trial, the company hopes to soon start a mid-stage study of the vaccine and move to a late-stage trial in July.

Moderna is one of a handful of pharmaceutical companies that have skyrocketed amid the coronavirus crisis as they race to develop drugs to prevent or treat the disease. The pharmaceutical company has gained 241% year-to-date through Friday’s close.

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