Biotechs Hunting for Virus Treatment Extend $26 Billion Boom

(Bloomberg) -- Health-care firms searching for treatments and accurate tests for the coronavirus are extending a surge that has added more than $26 billion to their market this week.

Gilead Sciences Inc., the largest company to see its share price jump in response to its plans to combat the virus, has added $9.7 billion to its this week alone. Moderna Inc., a drug developer with an eye on a potential vaccine, extended a 90% rally to a record, adding more than $6 billion to its this week.

In all, more than $26 billion has been added to a group of companies ranging from big drug developers like Gilead and Regeneron Pharmaceuticals Inc. to lesser known names such as Vir Biotechnology Inc. and Co-Diagnostics Inc. Those small caps have jumped by more than 250% and 500% respectively this week.

Read more on Gilead’s $20 Billion Virus-Fueled Surge Draws Warnings of a Fall

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