Jul 28, 2020 - Health
Moderna's stock rises as it corrals more federal dollars
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Moderna's stock soared 9% on Monday following a new federal grant and the official start of a late-stage trial for the company's coronavirus vaccine.
The bottom line: Moderna now has received almost $1 billion in taxpayer funds to help develop a vaccine that is tied to the work of federal scientists, and the stock market reactions signal that investors think they'll reap a lot of the reward if the vaccine is proven to work.
By the numbers: Moderna, which has no FDA-approved drugs on the market, is now valued at $31 billion.
- The massive stock rally has paid off for executives. Moderna CEO Stéphane Bancel has sold $9 million worth of stock in July alone.
