Moderna Shaves Off $7 Billion in Value
Moderna has erased $6.8 billion in market value this week after rival shotmaker Pfizer Inc. slashed its profit outlook late last Friday, sounding the alarm on dwindling demand for its Covid shots and pills.
Moderna’s stock closed at the lowest since November 2020.
Tweet on Moderna shares fluctuation
Moderna Shaves Off $7 Billion in Stock Value
Stock plunged as rival noted declining demand for Covid shots#biotech #moderna #shares pic.twitter.com/TPunhrWmTB— The_Journalbiz (@the_journalbiz) October 24, 2023
Chart on Moderna by Bloomberg
Stock plunged on declining demand for Covid shots
Moderna’s stock has plunged roughly 83% from its August 2021 peak when its market capitalization was nearly $200 billion. Shares have wilted as optimism waned for future Covid sales and investors pivoted to stocks related to the new class of weight- loss drugs — known as GLP-1s. Moderna — which once drew comparisons to Tesla Inc. — is one of the worst-performing S&P 500 names so far this year.
The pandemic officially ended months ago, allowing a weary public to get back to normal living. That was great news for large swaths of the economy.
But not all of it. Moderna Inc., which shot to fame when it became one the first companies to bring the world Covid-19 vaccines, has been searching for its next big thing ever since. Investors have bailed in droves as waning demand for shots and treatments for the virus drove an eight-day losing streak in the stock.
