Editor: Dhirendra Tripathi
investing. com –
(mtag101708) (NASDAQ: MRNA) share, starting next week To the S&P 500 index fell more than 8% on Friday on news that it would be included.
Being included in the S&P 500 means that passive investors who manage trillions of dollars will have to include the stock in their portfolios.
Tesla (NASDAQ: TSLA) was the last name on record to be included in the index at the end of 2020.
Its inclusion in the index is a new triumph for the biotech company that, with its pioneering work on reporter RNA, has been able to produce one of the most effective vaccines against Covid-19. The company says its mRNA technology could have many other applications, including vaccines against other diseases, as well as drugs for heart disease, cancer and rare genetic conditions.
Moderna will replace Alexion Pharmaceuticals in the index before starting the process on July 21. Alexion (NASDAQ: ALXN), UK’s AstraZeneca (NASDAQ: AZN).
Shares of Moderna have more than tripled in the past 12 months, pushing the Massachusetts-based company’s market value above $100 billion for the first time this week, according to Bloomberg.