Moderna’s market capitalization briefly jumped above $100 billion on Wednesday, as COVID-19 vaccinations continue to increase worldwide.
Shares of the US drug development company rose as much as 6.3% to a new record high, pushing its market value to the feat before closing 4.9% higher at $246.66.
Shares of Moderna have jumped more than 220% in the past 12 months, as drugmakers race to develop a vaccine against the coronavirus. The first doses were provided in record time with the Moderna vaccine obtaining emergency use authorization in the United States last December, just one week after the first approval granted to the American company Pfizer and its German partner BioNTech.
This hack helped turn the biotech company into a household name.
In late June, Moderna’s vaccine was allowed to be imported into India, where the highly contagious delta mutant has taken root. Other vaccines authorized in the South Asian country include AstraZeneca, Bharat Biotech and Russia’s Sputnik V.
The Cambridge, Massachusetts-based company also said its vaccine produces antibodies against the transmissible delta mutant, albeit at a lower level than the main virus. Moderna also targets other viruses such as Zika and influenza, as well as diseases such as HIV and cancer.
AbbVie Inc and Amgen Inc, two other US-based biotechnology companies, have a market capitalization of more than $100 billion.