Moderna jumped a day before the vaccine maker reports earnings, helped by regulatory progress and the surging delta variant of COVID-19.
The Cambridge, Mass., biotech said the U.S. Food and Drug Administration granted fast-track designation to its investigational single-dose mRNA vaccine against respiratory syncytial virus.
Separately, New York became the first city in the U.S. to require COVID-19 vaccines for some indoor activities, including dining, gyms and entertainment centers, amid an outbreak of the delta variant in the country.
Moderna, which makes a COVID-19 vaccine, could see revenue boosts as more cities follow suit. The chance that boosters may be needed in the future is also a potential catalyst for the stock.
Moderna shares at last check were 8.8% higher at $420.63.
For the second quarter Moderna is expected to report earnings of $6.21 a share, swinging from a loss of 31 cents a share in the year-earlier quarter. Revenue should reach $4.21 billion from $66.4 million a year earlier. The figures are derived from a FactSet survey of analysts.
Also potentially boosting the company’s bottom line are private-sector companies requiring vaccinations for workers returning to offices.
Last month, European Union regulators recommended approval of its COVID-19 vaccine for adolescents 12 and older.
“On June 10, Moderna announced data from the ongoing Phase 2/3 study, which enrolled 3,732 participants ages 12 to less than 18 years in the U.S.,” the company said.
“The study met its primary endpoint, successfully bridging immune responses to those observed in the Cove efficacy study in adults.”