Vertex Pharmaceuticals Inc VRTX:NASDAQ

Last Price$178.12NASDAQ Previous Close - Last Trade as of 4:00PM ET 9/20/19
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Moderna Surges 7% on Pipeline Update, Further Collaboration With Vertex; Q2 Revenue Lower Than Expected

3:33PM ET 8/07/2019 MT Newswires
Moderna (MRNA) shares rose 7% in afternoon trade Wednesday after sharing a pipeline update and announced the extension of its agreement with Vertex (VRTX).

The clinical stage biotechnology company said it extended its collaboration with Vertex through Q1 2020 with options to extend further based on future progress. The research collaboration and licensing agreement, first signed in July 2016, was aimed at the discovery and development of mRNA therapeutics for the treatment of cystic fibrosis.

The company also reported Q2 net loss of $135.1 million, down from last year's loss of $90.6 million and narrower than the consensus loss estimate of $148.4 from analysts polled by Capital IQ.

Moderna posted Q2 revenue of $13.1 million, declining from $28.9 million a year and fell short of the $18.4 million Capital IQ consensus revenue estimate.

Price: 13.23, Change: +0.94, Percent Change: +7.65