Encouraging developments in the race for an effective treatment, and the gradual relaxation of restrictions that have crushed the global economy, momentarily eased fears on Monday over the coronavirus’s relentless march across the globe.

All eyes were on Moderna (MRNA), which sparked a big rally on Wall Street after announcing promising early trial data of a coronavirus vaccine that is the furthest along among U.S. biotechs in the race. Its stock skyrocketed by 20% intraday on Monday.

The data showed lower doses of the vaccine were effective in keeping the virus at bay and stimulating antibody production.

CEO Stéphane Bancel told Yahoo Finance in an interview that the company anticipates submitting for FDA approval by the end of the year, and that affordability is key to wide distribution. In a research note, Morgan Stanley estimated the pandemic lasting into 2022 could be a $10 billion to $30 billion market, with U.S. firms pricing vaccines between $10 to $20 per treatment.

However, Bancel said that “this is not a product where we’re going to want to maximize profit.”

After the Monday trading session closed, Moderna offered $1.25 billion in common stock through Morgan Stanley, with proceeds to be used in part for production of its coronavirus vaccine.

In a call with analysts Monday, Moderna’s CEO said that the company is focused on meeting what is expected to become unprecedented global demand for its drug. The 9-year old Moderna is competing against industry giants like Johnson & Johnson (JNJ), Pfizer (PFE), Sanofi (SNY) and others which are equipped with big manufacturing plants to produce millions of doses at-risk.

Moderna previously signed a deal with Swiss drug manufacturer to produce one billion doses per year.

The company previously announced it had received U.S. Food and Drug Administration approval to enter Phase 2, and estimated Monday that would begin in July. One concern for moving on to Phase 3 is the status of the pandemic at the time, a Moderna executive said on a call with investors Monday.

If there are not enough cases to provide a large enough pool of patients, that could pose a problem. The effects of reduced cases can be seen in China, where Gilead Sciences (GILD) had to halt trials of its antiviral treatment due to low enrollment.

And while vaccines are seen as a key to ending the global pandemic, some think there’s too much optimism surrounding the timelines for a viable treatment.

David Walt, a Harvard University professor and co-leader of the Mass General Brigham Center for COVID Innovation, told Yahoo Finance that vaccines may not be as effective as everyone is hoping. Questions are swirling around the meaning of antibodies in recovered patients — and how long they will last or what degree of protection they offer.