Why Moderna Stock Dropped Today
Shares of Moderna (NASDAQ: MRNA) fell 7.9% on Wednesday after health regulators authorized Novavax's (NASDAQ: NVAX) COVID-19 vaccine, Adjuvanted, as a booster for adults.
The Centers for Disease Control and Prevention (CDC) will allow Novavax's vaccine to be used as a first booster shot for people aged 18 and older who would rather take it than initial boosters offered by Moderna and Pfizer (NYSE: PFE). Novavax's vaccine is protein-based, while Moderna's and Pfizer's vaccines were developed with mRNA technology.
"According to CDC data, almost 50% of adults who received their primary series have yet to receive their first booster dose," Novavax CEO Stanley Erck said in a press release. "Offering another vaccine choice may help increase COVID-19 booster vaccination rates for these adults."
Source Fool.com
