Moderna Stock Jumps on Canadian Government’s Approval of Updated COVID-19 Vaccine #CanadaFinance

Key Takeaways

• Moderna shares surged Tuesday after Canadian regulators approved the biotech firm’s updated COVID-19 vaccine.

• Moderna’s Spikevax KP.2 targets the KP.2 variant of the virus.

• The U.S. Food and Drug Administration has also approved the shot, as well as updated vaccines from Pfizer and BioNTech.

Modern (MRNA) shares surged Tuesday after Canadian regulators approved the biotech firm’s updated COVID-19 vaccine.

The company reported Health Canada authorized the use of its Spikevax KP.2 shot for those aged six months and older. Last month, the U.S. Food and Drug Administration also gave approval for the vaccine, as well as updated shots from Pfizer (PFE) and BioNTech (BNTX).

Moderna’s Spikevax KP.2 targets the KP.2 variant of the virus, which is a descendant of the JN.1 variant that began appearing last winter.

Moderna said now that it has received approval, the company will begin delivering the Spikevax KP.2 to the Public Health Agency of Canada.

Shares of Moderna were up nearly 4% at $71.81 in afternoon trading Tuesday following the news. Despite Tuesday’s gains, they’ve lost more than one-quarter of their value since the start of the year.

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