Why Moderna Stock Dropped Today

Shares of Moderna (NASDAQ: MRNA) fell nearly 9% on Thursday, continuing a downward trend that began soon after the biotechnology company's recent stock sale.

Moderna's stock soared on Monday after it released positive data from its phase 1 study for mRNA-1273, its coronavirus vaccine candidate. Moderna jumped 20% -- and gained approximately $5 billion in market value -- following the release of these preliminary results.

The biotech took advantage of the occasion to raise more than $1.25 billion in cash via a public share offering, which the company said it would use to manufacture its COVID-19 vaccine should it prove effective.

Source Fool.com