Moderna, Inc. (MRNA) stock surged 5.03% during intraday trading on Tuesday, marking a significant upward movement for the biotechnology company.

The price increase follows Moderna's announcement that it has received marketing authorization from the European Commission for its new COVID-19 vaccine, mNEXSPIKE. The authorization is valid across all 27 European Union member states as well as Iceland, Liechtenstein, and Norway, expanding Moderna's market reach for its third authorized vaccine in the region.

Additionally, the stock movement was supported by positive analyst actions, including Bernstein raising its price target on Moderna to $45 from $35 and Evercore ISI increasing its target to $35 from $28, both reflecting growing confidence in the company's prospects following the regulatory milestone.