New York (CNN Business) Big Pharma companies and biotechs are racing to come up with an effective treatment for the Covid-19 novel coronavirus.

Johnson & Johnson JNJ Several high profile companies are working on new experimental vaccines. Drug giantis the latest to announce a promising vaccine candidate, saying on Monday that it plans human testing by September with the hopes of having more than one billion doses of a vaccine available for emergency use by early 2021.

J&J said it was partnering with the Biomedical Advanced Research and Development Authority (BARDA) of the U.S. Department of Health & Human Services to produce the vaccine. Shares of J&J surged nearly 7% on the news Monday.

Moderna MRNA Novavax NVAX Inovio INO Pfizer PFE BioNTech BNTX Many other companies are also working on vaccines, including small biotechsandas well as Big Pharma firm, which is partnering with Germany's

JUST WATCHED Gupta stunned by Trump-Fauci difference at briefing Replay More Videos ... MUST WATCH Gupta stunned by Trump-Fauci difference at briefing 02:09

Shares of Moderna, Novavax, Inovio and BioNTech have all soared this year, even as the broader market has plunged due to worries about the impact of the coronavirus on the global economy. (Pfizer is down nearly 20%.)

Read More