Investment Thesis
The much-awaited peer-reviewed data of mRNA-1273, the COVID-19 vaccine candidate of Moderna, Inc. (MRNA), has left many questions unanswered. Though the vaccine has been safe and produced neutralizing antibodies, the Phase 3 trial will look for the vaccine's clinical efficacy, which depends on the comprehensiveness of the immune response it elicits. Compared to a rival candidate using the same technology, the cell-mediated immune response generated by mRNA-1273 looks weaker. The late-stage trials scheduled to start this week could reveal major adverse events missed in the much smaller Phase-1 trial. Meanwhile, the