Shares of Moderna (NASDAQ: MRNA) climbed 16% on Friday, following reports that the biotech company is negotiating an advanced purchase deal for its experimental COVID-19 vaccine with the European Union.
Moderna's stock, which closed at a record high of $94.85, is now up a stunning 385% so far in 2020.
The EU is attempting to line up deals with several coronavirus vaccine makers, according to Reuters. Among these companies are Johnson & Johnson (NYSE: JNJ), Sanofi (NASDAQ: SNY), BioNTech (NASDAQ: BNTX), and Moderna. "We are in talks with several companies on possible COVID-19 vaccines," an EU spokesperson told Reuters on Friday.