Moderna Shares Rise 16% On Strong Q2 Results That Surpassed Estimates

Shares of biotech firm Moderna, Inc. (MRNA) are climbing 16 percent on Wednesday's trading after the company reported a profit for the second quarter that beat estimates. Revenues improved on commercial sales of the company's COVID-19 vaccine in the U.S.

For the second quarter, the company reported profit of $2.20 billion or $5.24 per share, down from $2.78 billion or $6.46 per share in the prior-year quarter. Wall Street analysts were expecting the company to report earnings of $4.55 per share.

Total revenue for the quarter grew to $4.75 billion from last year's $4.35 billion, resulting from commercial sales of the company's COVID-19 vaccine. Analysts expected revenues of $4.07 billion for the quarter.

Currently at $187.04, the stock has traded between $115.61 and $497.49 during the past 52 weeks.

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