Why Vaccine Stocks Like Moderna and Novavax Tumbled (Again) Today
Another day, another setback for biopharma names that were previously among the market's highest-flying stocks.
On Monday, COVID-19 vaccine makers Novavax (NASDAQ: NVAX) and Moderna (NASDAQ: MRNA) suffered declines of 6.1% and nearly 2%, respectively, although at one point shares of Novavax were down by as much as 21%. Moderna was down nearly 14% during a trading session that at one point saw the S&P 500 (SNPINDEX: ^GSPC) in the red by 2.5% before it bounced back to close with a slight gain.
Even with their partial recoveries, however, Monday extended a run of sizable declines by these companies over the course of the past several weeks. Novavax is now down 66% from last month's peak, and Moderna is currently 68% below its August high. Most of their peers have suffered similar sell-offs.
Source Fool.com
