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

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Moderna announced on Monday that its early trial for its coronavirus vaccine produced antibodies in all patients.
Shares of the company surged 29% on Monday.
The company is aiming to have the vaccine ready for emergency use in the fall.

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.

Read more: 'We have a depression on our hands': The CIO of a bearish $150 million fund says the market will grind to new lows after the current bounce is over — and warns 'a lot more pain' is still to come

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.

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