Why Moderna Topped the Market Today

With COVID-19 variants grabbing headlines worldwide, coronavirus stocks are again landing on the radar screens of investors. That, combined with a new supply agreement announced this morning, pushed Moderna's (NASDAQ: MRNA) stock up by 0.7% on Thursday, beating the gain of the S&P 500 index on the day.

Moderna is greatly expanding its arrangement with Taiwan. The biotech company has signed on to provide 20 million doses of its mRNA-1273 coronavirus vaccine and its updated variant booster vaccine (if authorized for use) in 2022. This will quadruple the 5 million it is obligated to supply the island nation this year. As part of the new agreement, it will also provide an additional 15 million doses in 2023.

Source Fool.com