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Jul 13, 2020

Moderna joining Nasdaq 100 pushes vaccine hopeful to US$28B

Chemicals sit inside a refrigerator at the Moderna Therapeutics Inc. lab in Cambridge, Massachusetts, U.S., on Tuesday, Nov. 14, 2017. Moderna this week started testing a personalized treatment that teaches the body how to fight cancer. Photographer: Adam Glanzman/Bloomberg

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Moderna Inc. has been named the next member of the Nasdaq-100, a tech-heavy index that’s home to some of the biggest outperformers this year, including Tesla Inc. and Zoom Video Communications Inc.

Word of the index inclusion, set to happen before the market opens July 20, added fuel to the vaccine developer’s Monday rally. Moderna climbed as much as 19 per cent to the highest intraday since May 20.

Thanks to market-beating gains from megacap internet giants like Amazon.com Inc. and Netflix Inc., the Nasdaq 100 broke into record territory early last month and has kept on going.

Since March 20, the index of leading non-financial Nasdaq-listed stocks has climbed 58 per cent, compared with a 40 per cent gain in the broader S&P 500. Over that same period, Moderna has soared more than 150 per cent as the company tests its potential vaccine for Covid-19.

After starting the year with a market value of about US$6.5 billion, Moderna now exceeds US$28 billion.

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