Buying shares of the companies that are developing vaccines against COVID-19 has been a great bet this year. Some of the leading candidates in the race to beat the deadly virus have seen their stocks more than doubled in value in just a few weeks.
Moderna, for example, is up 631% this year as it reported more than 90% success rate for its test trial. Similarly, a German company BioNTech, which has partnered with Pfizer to develop a shot, has soared more than 250% this year. Their vaccine has got an emergency use authorization from the U.K. on Thursday ahead of decisions in the U.S. and European Union.
Despite these massive rallies, it’s important to understand whether buying a vaccine developer is a successful strategy over the long run. Right now, these biotech companies are attracting great interest from day traders who are triggering the volatility in their shares.
Stock prices for Massachusetts-based Moderna, for example, jumped as much as 17% on Tuesday morning before nose-diving 10% in the afternoon session. The stock had surged 55% and added more than $21 billion in market value in the previous three trading days after the company revealed positive data and plans to file for approval of its vaccine.
Moderna shares closed Thursday at $157.26 a share, down from their record high of $178.50 reached on Dec 1.
Moderna Daily
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