Why Moderna Stock Lagged the Market Today
It's always tough when a company announces a piece of good news but is eclipsed by far better developments from a peer. This was the case with high-profile biotech Moderna (NASDAQ: MRNA) on Wednesday. As a result, the company's shares declined marginally, while the S&P 500 index closed the day nearly 2% higher.
Moderna's positive news came from across the Atlantic Ocean, where the European Medicines Agency (EMA) accepted a conditional marketing authorization (CMA) application for the company's bivalent coronavirus booster vaccine. This latest version of the widely administered Spikevax aims to block both the original form of the coronavirus and its omicron variants. The EMA functions as a pharmaceutical industry regulator for the 27-nation European Union.
As with the initial version of Spikevax, take-up throughout the world has been quick. Moderna didn't hesitate to point out that the new booster has already been given the green light by the U.S. Food and Drug Administration (FDA) and a host of other jurisdictions, including Australia, Taiwan, and the U.K.
Source Fool.com
