Investors ditch vaccine stocks after Joe Biden says ‘pandemic is over’
Investors wiped more than $10bn off the market value of the main Covid-19 vaccine makers on Monday after US president Joe Biden said “the pandemic is over”.
Shares in Moderna, BioNTech and Novavax fell as much as 9 per cent while Pfizer, which has a much broader portfolio of products, fell as much as 2 per cent in early trading in New York. The S&P 500 index was roughly unchanged.
Analysts said the sell-off reflected concerns over demand for Covid vaccines at a time of increasing public apathy and the message from leaders in the US and elsewhere that the crisis phase of the coronavirus pandemic is coming to an end.
This story originally appeared on: Financial Times - Author:Jamie Smyth
