Moderna spikes 11% to record highs after it is selected to be added to S&P 500

Trader NYSE green

Moderna jumped as much as 11% on Friday after it was selected to be included in the S&P 500 index.

The mRNA biotech platform hit record highs and eclipsed a $100 billion valuation for the first time ever on Thursday. Moderna has seen an ongoing surge ever since it announced successful COVID-19 vaccine data late last year.

Moderna will replace Alexion Therapeutics in the market-cap weighted index. Alexion is being acquired by AstraZeneca, pending final closing conditions.

Given Moderna’s current market valuation of about $112 billion, the company will have a 0.30% weighting in the popular US Large Cap index. The S&P 500 index switch will occur just before trading on July 21.

Shares of Moderna are up 167% year-to-date. The move higher comes as Moderna works to develop a COVID-19 booster shot that would give recipients increased anti-body protection to the coronavirus disease and its variants.

Part of the rise in Moderna this year is also based on investors giving more value to the company’s mRNA technology platform, in hopes that it could successfully prevent other viruses like the common cold and certain cancers.

Moderna stock chart
Read the original article on Business Insider

Moderna spikes 8% to record highs after it is selected to be added to S&P 500

Trader NYSE green

Moderna jumped as much as 8% on Friday after it was selected to be included in the S&P 500 index.

The mRNA biotech platform hit record highs and eclipsed a $100 billion valuation for the first time ever on Thursday. Moderna has seen an ongoing surge ever since it announced successful COVID-19 vaccine data late last year.

Moderna will replace Alexion Therapeutics in the market-cap weighted index. Alexion is being acquired by AstraZeneca, pending final closing conditions.

Given Moderna’s current market valuation of about $112 billion, the company will have a 0.30% weighting in the popular US Large Cap index. The S&P 500 index switch will occur just before trading on July 21.

Shares of Moderna are up 167% year-to-date. The move higher comes as Moderna works to develop a COVID-19 booster shot that would give recipients increased anti-body protection to the coronavirus disease and its variants.

Part of the rise in Moderna this year is also based on investors giving more value to the company’s mRNA technology platform, in hopes that it could successfully prevent other viruses like the common cold and certain cancers.

Moderna stock chart
Read the original article on Business Insider

Moderna climbs as 4th-quarter sales blow past expectations and 2021 forecasts surge

moderna vaccine
Moderna’s COVID-19 vaccine is one of two that have been authorized for emergency use to fight the pandemic across the US. The other vaccine available is from Pfizer.

  • Shares of Moderna soared as high as 10% on Thursday after it revealed fourth-quarter sales more than double Wall Street estimates. 
  • The company also revealed a forecast of $18.4 billion in Covid-19 vaccine sales for 2021. 
  • Moderna reported a loss of $0.69 a share on sales of $570.7 million, double the $.034 a share on sales of $279.4 million that analysts expected.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell

Shares of Moderna soared as high as 10% on Thursday after the biotech company revealed fourth-quarter sales that were more than double Wall Street estimates. The company also revealed a forecast of $18.4 billion in Covid-19 vaccine sales for 2021. Shares of the drugmaker pared earlier gains to close at $148.38, up about 2.5%.

The Cambridge, Massachusetts-based company reported a loss of $0.69 a share on sales of $570.7 million, double the $0.34 a share on sales of $279.4 million that analysts polled by FactSet expected.

In the same period last year, Moderna lost 37 cents a share and on revenue of $14.1 million.

The drugmaker in the earnings call also announced the September departure of Tal Zaks, its chief medical officer. The company however said it is retaining Russell Reynolds to find a replacement for Zaks “with global and commercial experience.”

“Moderna has been changed in a profound way,” CEO Stephane Bancel said. “Tal joined us when we were a clinical company, and now we have our own authorized product.”

Moderna on Wednesday said it was expecting to produce 700 million doses this year, raising it from its earlier 600 million target, and will attempt to ramp up production to reach as much as 1 billion doses.

In December 2020, the US Food and Drug Administration authorized emergency use of Moderna’s vaccine. It is one of the two authorized in the country. 

Moderna also received emergency authorization for use of its vaccine in Canada, Israel, the European Union, the United Kingdom, Switzerland, Singapore, and Qatar.

Read the original article on Business Insider