Moderna being added to S&P 500

·1-min read

Moderna, one of the leading COVID-19 vaccine providers, is set to join the S&P 500, the broadest measure of the U.S. stock market at the close of trading Wednesday.

Shares have advanced over 280% during the past 12 months.

The inclusion may require mutual fund investors that mirror the benchmark to buy the stock which can often drive further gains.

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The biotech company, which has already delivered over 100 million COVID-19 vaccines, will replace Alexion Pharmaceuticals Inc., which is being acquired by AstraZeneca on July 21 according to S&P Dow Jones Indices.

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Moderna is on track to deliver 1 billion COVID-19 vaccine doses this year and is aiming to increase that number by 2022 to up to 3 billion doses.

The U.S. has had more than 34.1 million confirmed COVID-19 cases and more than 609,000 deaths.

To date over 161.4 million Americans, 48.6% of the population, have been fully vaccinated and the Biden Administration is pushing more communities to get the dose.

This story, originally published on July 16, has been updated.

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