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Moderna replaces Warner Bros. Discovery in the Nasdaq-100 on Oct. 9 after a sixfold share surge, forcing index funds such as Nasdaq QQQ to buy the stock.
- Moderna (MRNA) enters the Nasdaq-100 before the open on Oct. 9, replacing Warner Bros. Discovery (WBD).
- Shares have risen more than sixfold in 2026, lifting market value to roughly $75 billion.
- Over 200 products tracking the index hold more than $800 billion in assets.
Lead
Moderna will become a member of the Nasdaq-100 Index on Oct. 9, Nasdaq announced, taking the place of Warner Bros. Discovery. The inclusion follows a year in which the mRNA drugmaker's shares have climbed more than sixfold, from about $25 at the start of 2026 to well above $170, and its market capitalization has reached about $75 billion. Warner Bros. Discovery is leaving the index ahead of its planned merger with Paramount Skydance, which is expected to close on Oct. 6.What Does Joining the Nasdaq-100 Mean for Moderna?
Joining the Nasdaq-100 means Moderna will be held mechanically by every fund that tracks the index, a group that includes the widely traded Nasdaq QQQ exchange-traded fund. The index covers the 100 largest non-financial companies listed on Nasdaq and is followed by more than 200 investment products globally, with over $800 billion in assets under management.
Those funds must buy the stock to match the index, creating demand concentrated around the effective date. Index providers typically see heavy volume in the closing auction on the session before a change takes effect, and Moderna's share price has already moved sharply into the announcement.
Why Is Moderna Replacing Warner Bros. Discovery?
Moderna is replacing Warner Bros. Discovery because the media company is leaving the index as part of its combination with Paramount Skydance (PSKY), which removes WBD as a standalone listed company. Nasdaq fills such vacancies with the next eligible Nasdaq-listed company, and Moderna's rise in market value placed it among the largest candidates.
The swap is a mechanical consequence of the merger, not a judgment on either company's business. It does, however, mark a shift in the index's composition, with a legacy media name giving way to a biotech whose valuation has been rebuilt in a matter of months.
What Drove Moderna's Surge in 2026?
The rally traces to Aug. 19, when Moderna and Merck (MRK) reported positive topline results from the Phase 3 INTerpath-001 trial of intismeran autogene, an individualized mRNA cancer therapy, in melanoma. The 1,137-patient study met its endpoints, and Moderna shares nearly tripled in a single session, the best day in the company's history.
The stock has continued higher since, trading near $197 on Sept. 29 and bringing the year-to-date gain past 500%. The advance marks a sharp reversal for a company whose revenue had shrunk as demand for COVID-19 vaccines faded and whose shares had been under pressure through much of the prior period.
How Could the Index Change Affect Trading?
Index inclusion adds a permanent, price-insensitive buyer base but does not change Moderna's underlying fundamentals. Volatility is likely to stay elevated around two scheduled events: the Oct. 9 index change and the release of full Phase 3 melanoma data, due Oct. 24.
Full results will show details of the trial's efficacy and safety that the topline announcement did not, including the size of the benefit and the durability of the response. For a valuation that has expanded roughly sixfold on one program, the market reaction to those figures carries considerable weight. Rising ownership by passive funds also means future moves in Moderna will feed more directly into broader Nasdaq-100 performance.
Outlook
Moderna enters the Nasdaq-100 on Oct. 9 as one of the index's newest and most volatile large-cap members, replacing Warner Bros. Discovery as that company merges into Paramount Skydance. Index-fund demand, the Oct. 24 full-data release for its melanoma therapy and the pace of commercial development with Merck are the next factors that will shape the stock's course.
Mentioned tickers: MRNA, WBD, PSKY, MRK, QQQ
