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Is the Moderna stock a bargain ahead of FDA decision?

The American biotechnology giant Moderna (NASDAQ: MRNA) stock hit a fresh 52-week low of $115.61 on Monday ahead of the FDA advisory committee meeting to decide whether to give approval to Moderna's COVID-19 vaccine for young children.

Is the Moderna stock a bargain ahead of FDA decision?

The American biotechnology giant Moderna (NASDAQ: MRNA) stock hit a fresh 52-week low of $115.61 on Monday ahead of the FDA advisory committee meeting to decide whether to give approval to Moderna's COVID-19 vaccine for young children.

The FDA Advisory Committee will vote on June 14 on whether Moderna’s vaccine can be used in six- to 17-year-olds. The committee is scheduled to consider whether to recommend the use of Moderna’s vaccine in children aged 6 months through five years on June 15th.

Moderna was the first drugmaker with an experimental COVID-19 vaccine to begin clinical testing in humans in the U.S. Moderna’s vaccine is currently available only to people 18 and older. On the other hand, Pfizer has also filed an application for authorization for children aged six months to four years. Pfizer is currently the only company with a COVID-19 vaccine for older US children, but no vaccines have been approved for children ages below 5.

FDA reviewers say the Moderna vaccine is safe and effective for children

Last week the reviewers with the Food and Drug Administration said that Moderna's COVID-19 vaccine is safe and effective for young children. Moderna’s vaccine was 51 percent effective in preventing symptomatic infection in children 6 months to 2 years old and 37 percent effective in children 2 to 5 years old. The FDA cautioned that estimates of the vaccine’s effectiveness were based on only a few cases of COVID-19.

“Available data support the effectiveness of the Moderna COVID-19 Vaccine in preventing symptomatic COVID-19 in pediatric age groups from 6 months through 17 years of age,” - the FDA staff said Friday.

$MRNA technical outlook

As the stock market continues its downward slide but Moderna stock was holding extremely well compared to other biotech stocks in the last couple of weeks and this is probably because long-term holders keep accumulating. Technically the overall momentum remains bearish. However, there are chances the stock may eventually regain upside momentum but anyway it depends upon the FDA approval and upcoming earnings results.

In the long term, watch for weekly closing above $155 or below the $100 area, which will give a larger confirmation of direction in the long term.

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