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

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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
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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

Penn National Gaming hits record high, extending one week gain to 31% ahead of S&P 500 inclusion

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Barstool Sports founder Dave Portnoy visits the Nasdaq on February 27, 2020 after Penn National Gaming purchased a stake in the media company valuing it at $450 million.

  • Penn National Gaming jumped to an all-time high of $142 ahead of its inclusion in the S&P 500 next week.
  • The Barstool Sports stakeholder has rallied over 20% in the last five days.
  • Barstool founder Dave Portnoy tweeted “a lot of people” have told him he’s now “the king of the S&P 500.”
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Penn National Gaming jumped to an all time-high of $142 a share on Monday, recording a 31% gain since the stock’s closing price on March 5 as investors cheered its inclusion in the S&P 500.

On Friday S&P Dow Jones Indices announced it will add Penn National Gaming into the S&P 500 benchmark index on March 22. Penn was previously in the S&P 400 MidCap index.

The company acquired a 36% stake in Barstool sports in January 2020, and Barstool founder Dave Portnoy says he owns “a ton of Penn Stock,” in his twitter bio.

“They tell me the S&P 500 are the 500 most American, most dominant, most influential, most spectacular companies in the universe,” Portnoy said in a video he tweeted Monday morning. “I am now- a lot of people saying, their words not mine-the king of the S&P 500, hence, the king of America.”

Penn has gained almost 3,000% since its intraday low of $3.75 on March 18 at the onset of the coronavirus pandemic. It’s a sign that investors are betting big on the rebound of sports betting and casinos. Casino company peer Caesars Entertainment is also being added to the S&P 500, along with Generac Holdings, a power generator manufacturer.

Penn, Generac Holdings, and Caesars Entertainment will replace SL Green Realty , Xerox Holdings, and Vontier, which will move to the S&P MidCap 400.

Shares of Penn National Gaming pared gains after the Monday morning spike and are currently hovering around $134.

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