The Financial Times reports that Moderna (NASDAQ:MRNA) is pitching a price of $50 – 60 per course (assuming to EU officials) for COVID-19 vaccine mRNA-1273. If accurate, the cost will be above the agreed-upon price for Pfizer (NYSE:PFE) and BioNTech’s (NASDAQ:BNTX) BNT162b2.
All three stocks are down fractions after hours.
In an interview on CNBC, Pfizer (PFE +4.0%) chief Albert Bourla said the company plans to seek regulatory review of its emergency use authorization application for COVID-19 vaccine candidate BNT162b2 as early as October.
Most of the 30K trial participants will be vaccinated by the end of August. Preliminary immunogenicity data should be available by late September of early October.
Health Canada has conditionally authorized the use of Gilead Sciences’ (GILD -0.3%) Veklury (remdesivir) for the treatment of severely ill COVID-19 patients at least 12 years old requiring supplemental oxygen.
The nod adds to earlier approvals in the U.S. India, Europe and Australia.
Buying has spiked in cannabis stocks although a specific news catalyst remains elusive.
This morning, Altria (MO +1.4%), the owner of a 45% stake in Cronos Group (CRON +8.4%), reinstated 2020 guidance with a better-than-expected cigarette decline rate (3.5 – 2% vs. 6 – 4%). It also hiked its dividend by 2.4%, always considered a bullish move.
Also this morning, CanaFarma Hemp Products Corp. entered into a memorandum of understanding with Jonathan Cheban’s FeelGoodCBD, LLC for a joint venture selling hemp oil-infused products under the Foodgod brand.
Upcoming earnings release dates include July 29 for Aphria (APHA +6.6%), August 6 for CRON, August 11 for Tilray (TLRY +12.0%), August 12 for Canopy Growth (CGC +14.2%) and August 13/14 for Aurora Cannabis (ACB +9.7%).
Eastman Kodak (NYSE:KODK) soars 324% in morning trading after the Wall Street Journal reports the company won a $765M government loan under the Defense Production Act to help speed the domestic production of drugs that can treat a range of medical conditions and reduce U.S. reliance on foreign sources.
Kodak, once a giant in photography, is readying production of ingredients for generic drugs, including the antimalarial drug hydroxychloroquine that President Trump has plugged as a treatment for COVID-19.
The loan, which comes from the U.S. International Development Finance Corp. — a government agency similar to a bank — is the first of its kind under the DPA.
The loan, similar to a commercial loan, must be repaid over 25 years, Kodak CEO Jim Continenza told the WSJ.
The company will make “starter materials” and “active pharmaceutical ingredients” used to make generic drugs.
For the bull case on the stock, see Eastman Kodak Company: A Potential Turnaround Around The Corner.
