Why Moderna Stock Plunged Today
Shares of Moderna (NASDAQ: MRNA) fell on Friday, following a major development in the war against COVID-19. By the close of trading, the biotech's stock price was down 16.6% after falling as much as 25.7% earlier in the day.
Rival drugmaker Pfizer (NYSE: PFE) announced that its clinical study results indicate that its investigational antiviral treatment could slash the risk of hospitalization or death by 89% in non-hospitalized adults with COVID-19.
"Today's news is a real game-changer in the global efforts to halt the devastation of this pandemic," Pfizer CEO Albert Bourla said in a press release. "These data suggest that our oral antiviral candidate, if approved or authorized by regulatory authorities, has the potential to save patients' lives, reduce the severity of COVID-19 infections, and eliminate up to nine out of 10 hospitalizations."
Source Fool.com
