European stocks opened higher Wednesday as investor hopes for a coronavirus vaccine rise.

The latest developments surrounding a potential coronavirus vaccine are one of the main focuses for markets Wednesday.

Biotech firm Moderna said Tuesday that its potential vaccine to prevent Covid-19 produced a “robust” immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial, according to newly released data published in the peer-reviewed New England Journal of Medicine.

The findings provide more promising data that the vaccine may give some protection against the coronavirus. Moderna’s stock rose more than 16% in after-hours trading on the news.

Source: CNBC