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Is Moderna Stock a Buy After it was Announced it Will Join the S&P 500?

Stock MarketsJul 21, 2021 03:30PM ET
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© Reuters. Is Moderna Stock a Buy After it was Announced it Will Join the S&P 500?

Moderna (NASDAQ:MRNA) gained immense popularity over the past year owing to its highly effective COVID-19 vaccine, as evidenced by its shares’ triple-digit gains over this period. The stock was included in the benchmark S&P 500 index today before the markets opened. However, with a large proportion of the global population being vaccinated daily, and many other vaccine producers gaining market share, will MRNA’s COVID-19 vaccine business continue to grow? Read more to find out.Biotech company Moderna, Inc. (MRNA), which is based in Cambridge, Mass., and is now known for its COVID-19 vaccine, was included in the S&P 500 index today, before markets opened. Shares of MRNA have surged 22.8% since the the July 15 news of its S&P 500 inclusion to close yesterday’s trading session at $307.33. More than $34 billion of MRNA shares were traded yesterday, 1,600% higher than its average trading volume, worth $2 billion, recorded over the past six months.

MRNA’s growth trajectory over the past year has been impressive. Founded a mere 11 years ago, MRNA’s COVID-19 vaccine candidate put the company on the map, leading to its inclusion in one of the most significant benchmark indexes. MRNA has gained 271.7% over the past year and 194.2% year-to-date.

The company is currently developing a single-shot booster vaccine amid rising global concerns related to the COVID-19 Delta variant. The company announced positive results from its phase 2 study on May 25. MRNA CEO Stéphane Bancel said, “We are encouraged by these new data, which reinforce our confidence that our booster strategy should be protective against these newly detected variants.” Shares of MRNA have gained 87.2% since the release of this data on May 25.

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Is Moderna Stock a Buy After it was Announced it Will Join the S&P 500?
 

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