Continuing a stellar rise that has placed it atop the list of coronavirus stocks, Moderna (MRNA 3.01%) will soon become a component of a top equities index. Nasdaq (NDAQ 1.41%) announced Monday that the popular biotech company will be part of its Nasdaq 100 Large-Cap Index effective prior to market open next Monday, July 20.
Moderna will also be on the associated Nasdaq-100 Equal Weighted Index and the Nasdaq-100 Ex-Tech Sector Index. The core Nasdaq 100 is, like the wider exchange itself, occupied largely by tech companies.
The move will see Moderna displace real estate company CoStar Group (CSGP 1.25%).
Image source: Moderna.
Moderna has attracted intense investor attention lately, due to what many consider its front-runner status in developing a vaccine for the coronavirus. The company's mRNA-1273 vaccine candidate is deep in phase 2 clinical testing, and was to start a phase 3 trial this month (although this has apparently been delayed).
Moderna is far from the only biotech company developing a vaccine candidate to treat the disease, which is still spreading rapidly. But the relatively quick pace with which it's brought along mRNA-1273 has vaulted it into a leading position.
This helped convince the government to put it on the list of companies included in the federal Operation Warp Speed coronavirus vaccine and treatment program; Moderna is also receiving government funds to aid in the development process.
A great many Moderna bulls are prowling the market, and on Monday they bid the company's share price up by nearly 15%. That trounced the relatively modest gains of the top equity indexes on the day.
