Why Moderna and BioNTech Stocks Dropped Today

Shares of Moderna (NASDAQ: MRNA) and BioNTech (NASDAQ: BNTX) fell 5.2% and 7.5%, respectively, on Monday after rival COVID-19 vaccine maker Novavax (NASDAQ: NVAX) announced favorable clinical trial results.

Novavax's vaccine candidate, NVX-CoV2373, demonstrated overall efficacy of 90.4% in a phase 3 study with nearly 30,000 participants. The drug was also shown to provide 100% protection against moderate and severe forms of COVID-19. Additionally, it was generally well-tolerated among the trial's participants.

"These data show consistent, high levels of efficacy and reaffirm the ability of the vaccine to prevent COVID-19 amid ongoing genetic evolution of the virus," Novavax president of research and development Gregory Glenn said in a press release.

Source Fool.com