© MarketWatch/KJNModerna takes a dive
Shares of Moderna plummeted Monday as Covid-19 vaccine-makers led a turbulent market decline, pushing the stock to its lowest level in nearly a year after disappointing study results and a slew of sales from the firm's top executives added to concerns that have
made one of last year's top-performing stocks crash more than 70%.KEY FACTSModerna stock fell as much as 13% on Monday to a 10-month low of less than $140, pushing shares down more than 30% over the past month amid a sell-off largely
centered on technology and healthcare firms that skyrocketed in value during the pandemic.
The rout has been particularly bad for Covid-19-related stocks in recent weeks, says Bank of America analyst Geoff Meacham, who points out pharmaceutical giant
Pfizer, down 2% Monday, has also been caught in the mix despite the promise of its
Covid antiviral pill after it warned in its fourth-quarter earnings
report that vaccine sales will decelerate this year.
With Covid cases plummeting from all-time highs, experts have increasingly
questioned whether vaccines will be a sustainable revenue stream in the years to come, and adding to the concerns, a
study released Friday by the
Centers for Disease Control and Prevention showed
Moderna and Pfizer booster shots lost substantial effectiveness after about four months.
Comment: In another recent article by the author, he includes a short tweet about the economy from someone who is in position to know: