Continuing a stellar rise that has placed it atop the list of coronavirus stocks, Moderna (NASDAQ:MRNA) will soon become a component of a top equities index. Nasdaq (NASDAQ:NDAQ) 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 (NASDAQ:CSGP).
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.
