Moderna Joins Biotech Elite as Value Reaches $100 Billion
- Shares climb as much as 6.3% to reach market-cap milestone
- Moderna’s vaccine was second to get emergency use clearance
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Moderna Inc. briefly soared above a $100 billion valuation on Wednesday as vaccinations against the Covid-19 virus continue to ramp up across the globe.
Shares of the drug developer rose as much as 6.3% to a fresh record, propelling its market value to that milestone before closing 4.9% higher at $246.66. Moderna has surged more than 220% over the past 12 months as drugmakers raced to develop a vaccine against the coronavirus. The first shots were advanced in record time with Moderna’s inoculation getting emergency use authorization in the U.S. in December, just a week behind the first approval for Pfizer Inc. and BioNTech SE’s vaccine.