Why BioNTech, Moderna, Novavax, and Ocugen Stocks Are Plunging This Week
Shares of several COVID-19 vaccine makers are plunging this week. BioNTech (NASDAQ: BNTX) stock is taking the worst drubbing, down 19.7% as of the market close on Thursday. Moderna's (NASDAQ: MRNA) shares were sinking 17.2%. Novavax (NASDAQ: NVAX) and Ocugen (NASDAQ: OCGN) stocks were falling 18.5% and 16.2%, respectively. All of these declines are based on data from S&P Global Market Intelligence.
There are multiple factors behind the sharp sell-off of these vaccine stocks. Perhaps most importantly, investors appear to be looking beyond the current surge in COVID-19 cases to a future where the demand for vaccines could be lower. The World Health Organization's (WHO) chief scientist also stated publicly on Tuesday that there's no evidence that booster doses are needed for healthy children and adolescents.
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