In the past two years, biotech companies Moderna (NASDAQ: MRNA) and Novavax (NASDAQ: NVAX) rose to fame thanks to their successful attempts to develop vaccines for COVID-19 and help us end the outbreak. The pandemic isn't over yet, but Moderna and Novavax have given up substantial chunks of their value in the past year.

There's a simple reason. The market is forward-looking, and right now, it sees the end of the pandemic -- or at least the phase of the pandemic during which there is a dire need for vaccines -- in sight. Where does that leave Moderna and Novavax? Let's examine whether these biotechs are still worth investing in today.

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Source Fool.com