Why Moderna Stock Is Sliding Again Today
Shares of Moderna (NASDAQ: MRNA) are sliding 5.9% lower as of 11:49 a.m. EDT on Monday. This drop appears to be a continuation of the sharp decline that began last week after Merck (NYSE: MRK) and Ridgeback Biotherapeutics announced positive results from a late-stage study of COVID-19 pill molnupiravir.
Other vaccine stocks also are continuing to fall in response to Merck's good news. However, this appears to be an overreaction. The availability of a safe and effective oral therapy for COVID-19 isn't likely to cause the U.S. or other countries to change their focus on vaccinations.
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Source Fool.com