[ad_1]
As the Dow Jones collapses on Monday, Moderna shares continue to gain ground.
The pharmaceutical giant’s stock was up more than 6% as of 10:15 a.m. ET, hitting a record low as the Dow Jones tumbled more than 600 points. The payoff comes as fears grow that COVID-19 will rebound across America. (The shares of other approved vaccine makers Pfizer and Johnson & Johnson were both broadly stable.)
Moderna receives an additional boost as stock is added to the S&P 500. Moderna will replace Alexion Pharmaceuticals, which will be acquired by AstraZeneca on July 21. Moderna, which has delivered more than 100 million vaccines to date, says it is on track to deliver 3 billion by 2022.
While these are impressive numbers, Moderna’s mRNA vaccine may not be as effective in reducing transmission of the Delta variant of COVID. However, the doctor Remarks by Dr Eric Topol that Pfizer and Moderna vaccines are 96% effective in preventing hospitalizations and deaths from COVID of the Delta variant infections.
Still, the possibility of a COVID-19 recall and increased focus has investors excited. The company is also a favorite among investors for its research into an influenza vaccine that could enter Phase I testing by the end of the year.
Moderna shares have risen 275% in the past year. And its addition to the S&P 500 only increased that rocket ride. (Shares jumped 8% on Friday when news of its impending addition to the index broke.) Its market cap currently sits at $ 115 billion, placing it ahead of General Electric, Lockheed Martin and 3M.
This story was originally featured on Fortune.com
[ad_2]
Source link