Why Moderna Stock Dropped Today

Shares of Moderna (NASDAQ: MRNA) fell 6.3% on Wednesday after the U.S. Food and Drug Administration (FDA) issued an Emergency Use Authorization for Pfizer's (NYSE: PFE) oral COVID-19 treatment, Paxlovid. 

Pfizer's antiviral pill gives doctors a new weapon in the global battle against COVID-19. Paxlovid reduced the risk of hospitalization or death by nearly 90% in high-risk adults with COVID-19 in a clinical trial.

The FDA's authorization comes at a time when the heavily mutated omicron variant of the coronavirus is expected to drive a new wave of infections around the world.

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Source Fool.com