Why Moderna Stock Is Sinking Again Today
Shares of Moderna (NASDAQ: MRNA) were sinking 7.2% lower as of 12:03 p.m. EST on Wednesday. It marked the second consecutive day of declines for the stock this week.
One likely reason behind Moderna's pullback is the entrance of a new rival in the U.S. COVID-19 vaccine market -- Johnson & Johnson (NYSE: JNJ). The healthcare giant won Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for its vaccine over the weekend. President Biden also announced on Tuesday that Merck (NYSE: MRK) is working with J&J to accelerate the production of its single-shot COVID-19 vaccine.
Some investors could also be reacting to the results of a real-world study published this week. This study found that a single dose of COVID-19 vaccines developed by Pfizer (NYSE: PFE) and BioNTech (NASDAQ: BNTX) and by AstraZeneca (NASDAQ: AZN) and the University of Oxford reduced the risk of hospital admission in the elderly by more than 80%.
Source Fool.com
