Why Moderna's Stock Is Trading Higher Today

Moderna, Inc. MRNA shares are on a roll and are advancing for a fourth straight session.

Monday's gain has come despite weaker sentiment prevailing in the broader market on fears of the Delta variant of COVID-19 impeding the global economic recovery that's underway.

The Moderna Rally: After being locked in a wide trading range of $109-$186 from the start of the year, Moderna shares broke above the range in early June. The stock moved between $198 and $235 subsequently. On July 13, it took the next leg up and has been higher in each of the next four sessions.

Moderna's stock has added about 30% since July 13. The recent rally pushed Moderna's valuation past $100 billion in the past week.

Moderna Amid News Flow: The strength seen in Moderna's last week came from a positive analyst action and an announcement concerning its inclusion in the S&P 500 Index. The shares are set to join the broader index ahead of the market open on Wednesday.

Last week, Jefferies analyst Michael Yee hiked his price target for Moderna's shares from $170 to $250.

Some of the strength is also attributable to the fact that results of lab studies announced by the company in late June showed its mRNA vaccine is effective against variants of concern, including the delta strain first identified in India.

At last check, Moderna shares were rallying 5.25% to $301.46, having hit an all-time high of $306 intraday.

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