Here's Why Moderna's Shares Are Rebounding From Recent Losses

Moderna Inc MRNA shares are reversing course and are higher Tuesday.

UK Expands Authorization: The UK drug regulator — the Medicines and Healthcare Products Regulatory Agency — announced Tuesday it has expanded the authorization given to Moderna's COVID-19 vaccine to include the adolescent population.

"I am pleased to confirm that that the COVID-19 vaccine made by Moderna has now been authorized in 12- to 17-year-olds. The vaccine is safe and effective in this age group," said Dr. June Raine, chief executive of MHRA.

Bargain Hunting Prop? Moderna stock hit an all-time high of $497.49 on Aug, 10 amid the ongoing COVID-19 vaccine-induced momentum. The stock subsequently pulled back amid worries that the stretched valuation may not be justified by the company's pipeline prospects or future revenue streams from the COVID-19 vaccine.

Monday, the stock hit a low of $349, a near-term peak-trough decline of roughly 30% in five sessions, essentially suggesting it is in correction territory.

See also: How to Buy Moderna MRNA Stock 

What's Next For Moderna Shares? Given the acute need for vaccine shots as the world grapples with several iterations of the pandemic, there is no doubt Moderna will continue to reap rewards.

Continued outperformance will largely hinge on how well the company can deploy its COVID-19 vaccine largesse in bringing its other pipeline candidates to fruition.

At last check Tuesday morning, Moderna shares were up 2.84% to $384.77.

Related Link: The Week Ahead In Biotech: Fate Therapeutics Data Readout, RenovoRx IPO In Focus Amid Tapering Earnings News Flow