UBER Stock Price Increased 7.22%: Why It Happened

By Amit Chowdhry ● January 13, 2021
  • The stock price of Uber Technologies Inc (NYSE: UBER) increased by 7.22%. This is why it happened.

The stock price of Uber Technologies Inc (NYSE: UBER) increased by 7.22% as it went from a previous close of $54.60 to $58.54.  One of the biggest reasons why it happened is due to an announcement about a partnership with Moderna for coronavirus vaccine awareness.

Uber and Moderna are going to work together initially to provide accessible, credible information on vaccine safety through Uber’s in-app messaging. And the two companies will also work with public health and other organizations to identify additional opportunities to support ongoing efforts to broaden access to COVID-19 vaccines. The additional options being evaluated include incorporating ride scheduling directly into the immunization appointment process and possibly integrating with vaccine providers’ systems to text reminders and enable patients to book rides in advance of their first or second immunization appointments.

Last month, Uber committed 10 million free or discounted rides to help ensure transportation is not a barrier to getting a vaccine. And targeting communities hardest hit by the pandemic, Uber partnered with the National Urban League, National Action Network and the Morehouse School of Medicine. Uber is going to continue to build a broad coalition of organizations committed to breaking down transportation barriers in these communities.

Moderna’s COVID-19 Vaccine was authorized for emergency use in the U.S. by the FDA for active immunization to prevent coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) in individuals 18 years of age and older and has been authorized by Health Canada for the immunization of Canadians 18 years of age and older under an Interim Order. Plus the Moderna COVID-19 Vaccine has also been granted a Conditional Marketing Authorization by the European Commission, based upon the recommendation of the European Medicines Agency, which authorizes the COVID-19 Vaccine Moderna for active immunization to prevent COVID-19 caused by SARS-CoV-2 virus in individuals 18 years of age and older. While initially targeting Uber users in the US, the companies anticipate expanding this partnership globally in the coming months alongside ongoing immunization efforts.

KEY QUOTES:

“Used by millions of people every day, the Uber platform can both help educate the public about vaccine safety and help eliminate transportation barriers to vaccination. Together with Moderna, we hope to do our part to help increase vaccination awareness and adoption, and we look forward to exploring ways we can help ensure everyone, especially in the hardest-hit communities of color, has access to a vaccine.” 

— Uber CEO Dara Khosrowshahi.

“As part of our commitment to help address COVID-19, Moderna will be working with a coalition of partners to educate, build trust around and increase awareness of the importance of vaccination in those communities significantly impacted by the pandemic. We look forward to combining our expertise with Uber’s capabilities and platform to support this important effort.” 

— Moderna CEO Stéphane Bancel.