Why Moderna Stock Dropped Today

Shares of Moderna (NASDAQ: MRNA) fell 3.4% on Tuesday, as the race for a COVID-19 vaccine intensifies.

Several vaccine development projects that are employing similar technology as Moderna have recently received substantial funding. This includes projects led by German biotech CureVac -- which received a $337 million investment from the German government on Monday -- and Imperial College London, which received more than $50 million from the UK government. 

Moderna stock fell on Tuesday. Will it the be first to develop a COVID-19 vaccine? Image source: Getty Images.

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Source Fool.com