Pharmaceutical behemoth Moderna (MRNA) announced on Thursday that it is set to join the S&P 500 from July 21. The company will replace Alexion Pharmaceuticals, which will soon be acquired by AstraZeneca. The news prompted the shares of Moderna to surge as much as 6% in early trading on Friday. Moreover, the company hit a market value of $110 billion. Shares of the company have surged about 150% year-to-date. The rise can be attributed to its unfaltering focus on flattening the COVID-19 curve and aggressive steps to develop effective COVID-19 vaccines and boosters. Moreover, Moderna is also developing several promising candidates as medication for oncology and other rare diseases.
https://www.tipranks.com/news/moderna-to-replace-alexion-in-sp-500
Moderna (NASDAQ:MRNA)
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