Why Moderna Stock Faltered In October
Shares of the messenger RNA (mRNA) drug and vaccine developer Moderna (NASDAQ: MRNA) slipped by a noteworthy 10.7% during the month of October, according to data from S&P Global Market Intelligence. Moderna's stock fell by double digits in response to strong pivotal-stage trial results for Merck's (NYSE: MRK) oral COVID-19 medication known as molnupiravir.
Some individuals are dead set against using mRNA vaccines for personal reasons. An oral medication, in turn, might be an appealing alternative to this sizable portion of the market. Now, this news arguably shouldn't have affected Moderna's stock in the manner that it did last month. These folks, after all, were probably never going to be vaxxed with Moderna's product under any circumstances. But Mr. Market still took the development of a viable oral therapy as a bad omen for Moderna's near-term outlook.
Image source: Getty Images.
Source Fool.com
