Moderna joins the S&P 500 on Wednesday as the index’s best-performing stock this year by a mile.
Moderna’s rise has come largely from its innovations in developing messenger RNA vaccines, which use the body’s cells as mini vaccine factories. That has led some Wall Street analysts to call it the “Tesla of biotech” because the Cambridge, Massachusetts-based company is charting a course that may change the way infectious diseases are treated.
Shares of companies entering the index typically rally ahead of the inclusion as investors adjust their portfolios. Moderna’s shares were already losing steam on Tuesday, closing 2% lower at $307.33.
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