What happened?According to data from S&P Global Market Intelligence, Moderna's shares rose 27% in June. Moderna, which is known for its COVID-19 mRNA vaccine and effectiveness, rose with the global spread of the troubling delta variant in June. Moderna also announced that it had completed studies to prove its vaccine's effectiveness against this variant, as well as other variants. It has secured more supply agreements with the U.S.A. and other countries.What are you waiting for?Moderna reached a long-term supply deal with UNICEF in early February to sell 34 million doses to the organization in the fourth quarter 2021. The agreement also covers up to 466 millions doses for 2022. The purchase of 200,000,000 doses followed, which secured supply for the first quarter of 2022. After that, 150 million more doses were purchased by the European Union. This brought the total commitment to the European Union to order 460 million.Moderna released clinical data that showed its COVID vaccine was protective against six new variants. This coincided with major countries' new purchases. Rival Johnson & Johnson (NYSE:JNJ), vaccine has only been shown to be 60% effective against the Delta variant. This is lower than two-dose vaccines such as Moderna.What now?Moderna's stock trades at an attractive valuation of less 10 times next year’s earnings estimates, even after the June run. Investors see the COVID fortune of Moderna as a temporary event and expect that earnings will drop in 2023 and beyond. Investors now may be predicting a longer lifespan for Moderna’s COVID franchise, despite concerns about the delta variant and Moderna’s vaccine providing better protection than the one-dose Johnson & Johnson.Moderna's large number of mRNA indications is still not widely recognized. MRNA is a relatively new technology. The stock's incredible run in the last year could be attributed to Moderna's large pipeline of mRNA indications and COVID variants. This could help extend the rally.
