Why Moderna Stock Soared 23% This Week
Shares of Moderna (NASDAQ: MRNA) surged more than 20% to a record closing high of $286.43 this week, as multiple events helped drive the biotech's stock higher.
On Monday, Moderna appeared to benefit from the struggles of one of its key vaccine maker rivals. The Food and Drug Administration added a warning to Johnson & Johnson's COVID-19 vaccine noting that it had been linked in extremely rare cases to an autoimmune condition known as Guillain-Barre syndrome. With no similar link found to that illness for Moderna's coronavirus vaccine, investors were likely betting that these potential safety concerns could lead to higher demand for Moderna's drug.
Moderna's share price is up sharply in recent days. Image source: Getty Images.
Source Fool.com
