Moderna Slump Hits 50% From Peak, Erasing $98 Billion Value
(Bloomberg) -- Moderna Inc. is on its longest losing streak in more than two years, extending its slump from a record high in August by 50%.
The slide has wiped about $98 billion off the company’s market value since that peak. While the omicron variant is sweeping the world, Moderna’s shares were pressured as coronavirus pills by Pfizer Inc. and Merck & Co., Inc. recently received authorization from the FDA.
The shares closed lower by 2.2% Tuesday at $241.44. They have fallen about 18% over the past six days, erasing almost $22 billion in market value.
To be sure, shares of the Cambridge, Massachusetts-based company are still up 131% on the year. Moderna, which joined the S&P 500 in July, is one of the index’s top performers this year and lags only Tesla Inc. over the past two years.
Fellow Covid-19 vaccine maker Pfizer Inc. also slipped Tuesday, extending declines from its record high close on Dec. 16. BioNTech SE is on its longest losing streak since September 2020.
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