Why Moderna Stock Is Slipping Today

Shares of Moderna (NASDAQ: MRNA) are slumping today, down 3.9% as of 11:29 a.m. EDT. The biotech reported its second-quarter results before the market opened. However, they don't appear to be the reason behind the decline in Moderna's stock. Instead, the main factors seem to be news from two rivals in the race to develop a COVID-19 vaccine: Novavax (NASDAQ: NVAX) and Johnson & Johnson (NYSE: JNJ).

Novavax announced positive phase 1 results for its COVID-19 vaccine candidate NVX-CoV2373 after the market closed on Tuesday. Earlier today, Johnson & Johnson announced a deal with the U.S. government to supply 100 million doses of its experimental coronavirus vaccine Ad26.COV2.S for around $1 billion.

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Source Fool.com