Why COVID Vaccine Stocks Moderna, Novavax, and BioNTech Soared This Week
Shares of Moderna (NASDAQ: MRNA) soared 10.5% this week as of the market close on Thursday. Novavax (NASDAQ: NVAX) wasn't far behind with its stock up 10.2%. Shares of another COVID-19 vaccine maker, BioNTech (NASDAQ: BNTX), jumped 7%.
There were several reasons behind the solid gains for each of these biotech stocks. Moderna announced on Tuesday that the European Commission was buying another 150 million doses of its COVID-19 vaccine for delivery next year. BioNTech revealed that it was considering initiating a dividend next year. Novavax received a bump after a Canadian official announced the completion of a new manufacturing facility that will be used to produce the company's COVID-19 vaccine.
In addition, Moderna and BioNTech shareholders breathed a sigh of relief after the U.S. Food and Drug Administration (FDA) stated that it would add a warning to the label of messenger RNA (mRNA) COVID-19 vaccines related to a potential risk of heart-inflammation issues. The FDA decision isn't likely to impact the sales of the mRNA vaccines developed by Moderna or BioNTech and its partner, Pfizer.
Source Fool.com
