Benzinga | Nov 30, 2021 04:06PM EST

Why Moderna Shares Are Rising Today

Moderna Inc (NASDAQ:MRNA) is trading higher Monday amid increasing concerns surrounding the omicron COVID-19 variant.

Omicron has more than 30 mutations on the spike protein that binds to human cells, according to a World Health Organization report. The mutations suggest higher transmission rates and potentially reduced antibody protection.

The U.S. banned entry to non-citizens that have traveled from South Africa during the past 14 days. The U.K. and other countries have implemented similar travel restrictions.

Moderna CEO St?phane Bancel suggested Monday morning that a higher dose of Moderna's booster vaccine could be effective against the omicron variant.

Related Link: Moderna CEO Weighs In On Omicron Variant: We Believe It's 'Already Present In Most Countries'

Moderna is a commercial-stage biotech company. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the U.S. in December 2020.

MRNA Price Action: Moderna has traded as high as $497.49 and as low as $98.65 over a 52-week period.

The stock was up 7.76% at $354.88 at time of publication.

Photo: mufidpwt from Pixabay.