Why Moderna Trounced the Market on Tuesday
On Tuesday, investors were clearly feeling confident about Moderna's (NASDAQ: MRNA) looming earnings release. On the day before the high-profile biotech was to unveil its first-quarter results, its shares rose by over 3% -- thanks largely to the performance of an equally famous peer.
That peer is fellow coronavirus stock Pfizer, whose results have been greatly bolstered by Comirnaty, the COVID-19 vaccine it developed with German biotech BioNTech. On Tuesday morning, Pfizer reported operational revenue growth of 82% year over year for the first quarter, and sales of Comirnaty were a key factor driving that gain.
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Source Fool.com