Why Moderna Stock Is Falling Today

Shares of Moderna (NASDAQ: MRNA) were down by 5.3% as of 1:25 p.m. ET Wednesday. The company announced a long-term collaboration with Thermo Fisher Scientific to manufacture messenger RNA (mRNA) vaccines. However, that wasn't the reason why Moderna's stock price slid.

The more likely factors driving it lower were an overall stock market decline and the news that Sanofi (NASDAQ: SNY) and GlaxoSmithKline (NYSE: GSK) are preparing to file for regulatory authorizations of the COVID-19 vaccine they developed jointly. On Wednesday, the partners reported positive data from booster and phase 3 efficacy studies for their protein-based vaccine.

Sanofi and GlaxoSmithKline reported that the efficacy for two doses of their vaccine was 57.9%. That's well below the initial reported efficacy of 94% for a two-dose regimen of Moderna's COVID-19 vaccine, now being marketed as Spikevax. So why did Moderna's share price fall?

Source Fool.com