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Moderna surged as much as 9% on Thursday on news California has reauthorized a batch of the company's vaccine following an allergy scare.
Earlier this week, the state urged a pause on the use of lot 41L20A of the Moderna COVID-19 vaccine after seven people who received it needed medical care due to potential severe allergic reactions.
After review, state epidemiologist Dr. Erica Pan said the state "found no scientific basis to continue the pause" and noted vaccinations can "immediately resume."
Data released by the state's epidemiology office showed that no patients "experienced a life-threatening adverse event following the administration of the vaccine." However, "no reason was identified as to why these adverse events occurred."
"These findings should continue to give Californians confidence that vaccines are safe and effective, and that the systems put in place to ensure vaccine safety are rigorous and science-based," Dr. Erica Pan said.
The decision to reauthorize Moderna's vaccine frees up more than 300,000 doses to counties, cities, and hospitals that have struggled to obtain supplies.
More than 4.1 million doses of the COVID-19 vaccine have been shipped to California thus far, with 1.53 million people being inoculated.
Last week, California surpassed 3 million confirmed COVID-19 cases since the pandemic began, while just over 35,000 people have died, according to data compiled by the state.
Moderna stock has been on a run during the pandemic, with shares rising over 500% since January of last year.
Shares of the drug maker were trading at $133.70 as of 3:25PM E.T. on Wednesday. Moderna boasts 17 "buy" ratings, eight "neutral" ratings, and two "sell" ratings from analysts. The company has a market cap of $53 billion.
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