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Finance Watch: Moderna Capitalizes On COVID-19 Vaccine Data Value Boost

 
• By Mandy Jackson

Public Company Edition: Moderna leveraged its all-time high stock price to raise $1.34bn on the same day it reported data from a Phase I trial of its COVID-19 vaccine. Several other companies also took advantage of biopharma’s rising value.

Finance Watch

All eyes are on the biopharmaceutical industry as the world waits for an end to the COVID-19 pandemic, hopefully through a vaccine against the novel coronavirus. Investors are putting their money behind drug developers with any amount of potential to thwart COVID-19 – including Moderna Inc. with its recent $1.34bn stock offering – which is contributing to soaring biopharma values despite the toll that the coronavirus is taking on the global economy. 

That’s why Moderna’s stock rose to its highest value to date, closing the day at $80 per share on 18 May, based on early results from just eight volunteers

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