Vaccine developer Moderna joining Nasdaq 100. Now valued at $28 billion1 min read . Updated: 14 Jul 2020, 11:00 AM IST
Moderna climbs as much as 19% to the highest intraday since May 20
Moderna Inc. has been named the next member of the Nasdaq-100, a tech-heavy index that’s home to some of the biggest outperformers this year, including Tesla Inc. and Zoom Video Communications Inc.
Word of the index inclusion, set to happen before the market opens July 20, added fuel to the vaccine developer’s Monday rally. Moderna climbed as much as 19% to the highest intraday since May 20.
Thanks to market-beating gains from megacap internet giants like Amazon.com Inc. and Netflix Inc., the Nasdaq 100 broke into record territory early last month and has kept on going. Since March 20, the index of leading non-financial Nasdaq-listed stocks has climbed 58%, compared with a 40% gain in the broader S&P 500. Over that same period, Moderna has soared more than 150% as the company tests its potential vaccine for Covid-19.
After starting the year with a market value of about $6.5 billion, Moderna now exceeds $28 billion.