Tom Yeung here with your Sunday Digest . In the days following its IPO, Space Exploration Technologies Corp. ( SPCX ) surged 25%, rewarding early investors and turning its owner, Elon Musk, into a trillionaire.
Moderna surges 33.5% after the company outlines plans to expand its mRNA platform beyond vaccines into oncology, autoimmune diseases and cell therapies.
Moderna is evolving from a COVID-19 vaccine specialist into a multi-product firm with major oncology and rare disease partnerships. Recursion Pharmaceuticals is leveraging artificial intelligence and massive biological datasets to accelerate drug discovery via high-tech collaborations.
Moderna Inc. (MRNA) shares rose 9.2% on Thursday, making the biotechnology company among the top performers in the S&P 500 as investors responded positively to new pipeline updates, encouraging influenza vaccine data, and favorable analyst commentary. The stock extended its recent rally after climbing to a new annual high on Wednesday.
At that time, Moderna revealed its strategy for using mRNA to combat cancer and rare diseases. It's a move beyond vaccines, and investors seem to like it.