Moderna Climbs as S&P 500 Set to Welcome Covid Vaccine Maker
(Bloomberg) -- Moderna Inc. climbed more than 6% in extended trading Thursday after the vaccine maker was named to the S&P 500 Index in one of the most noteworthy additions to the index since Tesla Inc. joined late last year.
The company, whose messenger-RNA vaccine has helped to fight the Covid-19 pandemic, will replace Alexion Pharmaceuticals Inc. in the benchmark U.S. index before the opening of trading on July 21. Alexion is set to be acquired by U.K. drugmaker AstraZeneca Plc.
Shares of Moderna have more than tripled over the past 12 months, sending the Cambridge, Massachusetts-based company’s market value above $100 billion for the first time this week. The company is looking to build on its success tackling Covid, testing drugs for heart disease, cancer and rare genetic conditions as well as vaccines for other viruses.
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