Vaccine Stocks Moderna, Novavax Pop; Moderna Leads Omicron Battle
Vaccine stocks Moderna (MRNA) and Novavax (NVAX) got bullish news for their Covid vaccines as omicron cases continue rising in the U.S. and globally, but shares of the two companies fell amid a big market sell-off.
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Moderna said its authorized Covid booster led to a strong increase in virus-blocking antibodies, helping it outperform a similar booster shot from Pfizer (PFE) and BioNTech (BNTX). Meanwhile, the European Commission granted conditional marketing authorization for Novavax’s Covid shot. The ruling follows a recommendation for the vaccine by the European Medicines Agency.
But the vaccine stocks plunged on today’s stock market. Moderna stock reversed its fortunes from earlier in the day and dropped 6.3% to close at 276.38. Shares were up considerably earlier in the session. Novavax stock, meanwhile, dropped and kept sinking. Shares fell 7.1% to finish at 201.95.
Moderna’s authorized booster is half the dosage of its…
