Moderna Inc.’s shares soared over 8.5% in premarket trading after the S&P Dow Jones Indices announced yesterday the pharmaceutical company will join the S&P 500 stock market index on July 21, APA reports citing Teletrader.

The Massachusetts-based firm will replace Alexion Pharmaceuticals Inc., which is set to be taken over by AstraZeneca plc on the same date.

Moderna’s stock was up 8.83% at 5:42 am ET, selling for $282.49.

Source: Azeri-Press News Agency