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July 22, 2021, 7:57 a.m. EDT

Moderna Stock Rallies As Company Joins The S&P 500 Index

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Jul 22, 2021 (Baystreet.ca via COMTEX) -- Pharmaceutical company Moderna /zigman2/quotes/205619834/composite MRNA -3.84% has joined the S&P 500 stock index.

The addition to the S&P 500, which is comprised of the 500 largest U.S. stocks by market capitalization, comes as the drugmaker transforms itself from an early-stage biotech firm to a vaccine maker supplying COVID-19 shots around the world.

And Moderna is now the best performing stock in the S&P 500 this year. With a gain of just over 207% so far in 2021, Moderna's share performance tops the index's existing leader, L Brands, which has risen 104% year to date.

In the runup to its inclusion in the U.S. benchmark, Moderna's stock has made fresh highs advancing more than 30% over four trading sessions. The shares are now at $321.11 U.S., giving the company a market capitalization of $129 billion U.S.

Moderna secured its place in the upper echelons of U.S. biotech companies after receiving emergency authorization for its COVID-19 vaccination last December.

Skeptics of Moderna's surge in recent months note that its pipeline is in the early stages of human testing while the market for COVID-19 booster shots isn't fully understood.

Still, recent lab results show Moderna's vaccine produces antibodies against the COVID-19 Delta variant. Analysts at Goldman Sachs predict Moderna could have a new flu shot on the market by 2023 and a combination of a flu and COVID-19 vaccine as soon as 2024.

The company also is working on new vaccines and medicines for cancer and HIV, as well as Zika and heart disease.

COMTEX_390234487/2559/2021-07-22T07:57:17

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/205619834/composite
US : U.S.: Nasdaq
$ 326.54
-13.03 -3.84%
Volume: 7.78M
Oct. 22, 2021 4:00p
P/E Ratio
40.76
Dividend Yield
N/A
Market Cap
$131.81 billion
Rev. per Employee
$617,996
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