Data: Yahoo Finance; Chart: Axios Visuals

Moderna's stock soared 9% on Monday following a new federal grant and the official start of a late-stage trial for the company's coronavirus vaccine.

The bottom line: Moderna now has received almost $1 billion in taxpayer funds to help develop a vaccine that is tied to the work of federal scientists, and the stock market reactions signal that investors think they'll reap a lot of the reward if the vaccine is proven to work.

By the numbers: Moderna, which has no FDA-approved drugs on the market, is now valued at $31 billion.

  • The massive stock rally has paid off for executives. Moderna CEO Stéphane Bancel has sold $9 million worth of stock in July alone.

Go deeper

Where potential coronavirus vaccines stand in the U.S.

Table: Axios Visuals

Four vaccines for the novel coronavirus are now in late-stage testing in people in the United States.

Driving the news: Johnson & Johnson announced yesterday it began a phase 3 clinical trial of its COVID-19 vaccine candidate.

23 hours ago - Health

Cuomo: New York will conduct its own review of coronavirus vaccine

New York Gov. Andrew Cuomo. Photo: Michael M. Santiago/Getty Images

New York Gov. Andrew Cuomo (D) said Thursday that the state will move forward with its own review process of coronavirus vaccines even if the Food and Drug Administration approves one or more for distribution and public use.

Why it matters: The motion could sow further public doubt that the federal government could release a vaccine based on political motives rather than safety and efficacy.

Dave Lawler, author of World
19 hours ago - World

Global coronavirus vaccine initiative launches without U.S. or China

Data: Gavi, The Vaccine Alliance; Map: Naema Ahmed/Axios

A global initiative to ensure equitable distribution of coronavirus vaccines now includes most of the world — but not the U.S., China or Russia.

Why it matters: Assuming one or more vaccines ultimately gain approval, there will be a period of months or even years in which supply lags far behind global demand. The COVAX initiative is an attempt to ensure doses go where they're most needed, rather than simply to countries that can produce or buy them at scale.

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