Biotech stocks hit record high after Moderna, Merck's melanoma vaccine trial win
BUZZ-Biotech stocks hit record high after Moderna, Merck's melanoma vaccine trial win Updates
** Nasdaq biotech index .NBI rises 4.4% to a fresh record high after Moderna's MRNA.O melanoma vaccine with Merck MRK.N succeeds in large trial
** U.S.-listed shares of BioNTech BNTX.O climbs 18.6%, Novavax NVAX.O rises 6%, Virax Biolabs Group VRAX.O zooms 37% to $3.78
** 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"
** Moderna shares more than double in value to $128.43, highest since June 2024, while Merck climbs 9.2% to notch another all-time high
** UP to last close, NBI is up nearly 22% YTD compared with 12.4% gain in the S&P 500 .SPX
(Reporting by Medha Singh in Bengaluru)
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