Why Moderna Stock Skyrocketed Today

Shares of Moderna (NASDAQ: MRNA) soared on Friday as fears surrounding a worrisome new coronavirus variant spread among investors. By the close of the holiday-shortened trading day, the biotech's stock price was up more than 20%.

Global stock markets plunged on Friday following reports of a heavily mutated variant known as B.1.1.529 that was first detected in South Africa. Health officials don't yet know if currently available vaccines will be effective against it. The large number of mutations have also sparked concerns that the new variant could be highly transmissible and better able to evade the immune system's defenses.

Moderna's shares surged even as the stock market crashed on Friday. Image source: Getty Images.

Source Fool.com