Moderna's market capitalization briefly soared above $100 billion, as COVID-19 vaccinations continue to increase worldwide.
According to Arabiya Net, the shares of the American drug development company rose by up to 6.3% to reach a new record, which pushed its market value to this achievement before closing high. by 4.9% at $246.66.
Moderna's shares 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 there. Other vaccines authorized in the South Asian country include AstraZeneca and Bharat Biotech and the Russian 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, are reported to have a market capitalization of more than $100 billion.
