Continuing with a stellar surge that has placed it at the top of the coronavirus stock list, Modern (NASDAQ: MRNA) It will soon become a component of a superior equity index. Nasdaq (NASDAQ: NDAQ) announced on Monday that the popular biotech company will be part of its current Nasdaq 100 Large-Cap Index before the market opens on Monday July 20.
Moderna will also be on the Nasdaq-100 Equal Weighted Index and on the Nasdaq-100 Ex-Tech Sector Index. The Nasdaq 100 core is, like the broader exchange itself, largely occupied by tech companies.
The move will see Moderna displace a real estate company. CoStar Group (NASDAQ: CSGP).
Image source: Modern
Moderna has attracted intense investor attention lately, due to what many consider its leading position in the development of a coronavirus vaccine. The company’s mRNA-1273 vaccine candidate is in phase 2 clinical trials, and was due to start a phase 3 trial this month (although it has apparently been delayed).
Moderna is far from the only biotech company developing a candidate vaccine to treat the disease, which is still rapidly spreading. But the relatively fast pace with which mRNA-1273 is brought has brought it to a leading position.
This helped convince the government to include it in the list of companies included in the federal coronavirus treatment and vaccine program Operation Warp Speed; Moderna is also receiving government funds to assist in the development process.
A large number of Moderna bulls prowl the market, and on Monday they offered the company’s stock price by almost 15%. That outpaced the relatively modest gains of the day’s major equity indices.
