(Bloomberg) — Moderna Inc. tumbled after results from its experimental seasonal flu shot appeared similar to another vaccine on the market.
The drugmaker said its vaccine boosted antibodies against all four flu strains tested in an early-stage trial of younger and older adults. The results appeared in-line with those of Sanofi’s widely used Fluzone HD, according to a note from Morgan Stanley analyst Matthew Harrison. Fluzone HD is a high-dose shot used in people ages 65 and older.
“We believe the market was looking for data which supported clearly better efficacy,” Harrison said in a note.
The shares fell as much as 14% as of 9:36 a.m. in New York.
Seasonal flu shots could become a valuable new revenue stream for Moderna, which gets all of its sales from its Covid-19 vaccine. Jefferies Financial Group analysts said before Friday’s news that they generally expected positive results in seasonal flu with a large-scale trial in 2022 and potentially a quick path to regulatory approval.
In the Moderna study, few differences were seen across three dosing levels, and the company suggested it could explore even lower doses that may trigger fewer reactions. An interim analysis of the next stage of testing is expected early next year, and the company is seeking advice from global regulators on the larger-scale testing needed for marketing approval.
(Updates shares in third paragraph.)
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