Moderna Surges as S&P 500 Inclusion Boosts Vaccine Maker
- ‘Tesla of Biotech’ surpassed $100 billion in value this week
- Stock is slated to enter the S&P 500 Index as top performer
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Moderna Inc. jumped to a fresh record after S&P Dow Jones Indices said late on Thursday it plans to add the company to its benchmark index next week.
The Covid-19 vaccine maker rallied 10% to $286.43 Friday, the biggest move since March 31, as the company will replace Alexion Pharmaceuticals Inc. in the S&P 500 Index before the opening of trading on July 21. U.K. drugmaker AstraZeneca Plc’s roughly $39 billion deal for Alexion is set to close on the same day.