BUZZ-Biotech stocks hit record high after Moderna, Merck's melanoma vaccine trial win
MRNA•Moderna and Merck shares surge
Moderna shares more than doubled in value to $128.43, their highest since June 2024, while Merck climbed 9.2% to notch another all-time high.
Up to the last close, the Nasdaq biotech index was up nearly 22% year to date, compared with a 12.4% gain in the S&P 500 SPX.
Investor attention shifts toward pharmaceuticals
"Pharma certainly has been in and out of the headlines. And of course, it's been eclipsed by other topics such as artificial intelligence and cybersecurity," said Peter Andersen, founder of Andersen Capital Management.
The news "will certainly drag investors' attention more into the tent of pharmaceuticals".
Biotech index jumps to record high after trial win
The Nasdaq biotech index .NBI rose 4.4% to a fresh record high after Moderna's MRNA.O melanoma vaccine with Merck MRK.N succeeded in a large trial.
U.S.-listed shares of BioNTech BNTX.O climbed 18.6%, Novavax NVAX.O rose 6%, and Virax Biolabs Group VRAX.O zoomed 37% to $3.78.
