Why Moderna, BioNTech, and Novavax Stocks Are Tanking This Week

No news is often good news, and positive developments are nearly always good news. But top COVID-19 vaccine-makers Moderna (NASDAQ: MRNA), BioNTech (NASDAQ: BNTX), and Novavax (NASDAQ: NVAX) saw their shares tank this week despite either announcing a positive development or having no news.

Shares of Moderna were down 10.2% for the week as of the market close on Thursday. BioNTech stock closed 18.1% lower for the week, and Novavax's shares were tumbling 16.5%.

Neither Moderna nor Novavax announced anything that would affect their share prices. The biggest loser of the group, BioNTech, and its partner, Pfizer (NYSE: PFE), actually had a positive development. On Tuesday, the companies submitted initial data to the U.S. Food and Drug Administration (FDA) for their COVID-19 vaccine in children ages five to 11.

Source Fool.com