Why Moderna and BioNTech Tumbled on Thursday
Thursday was not generally a memorable day for coronavirus stocks, and not only because the pandemic seems to be receding. A pronouncement by federal government officials pushed down the prices of the most prominent ones, including Moderna (NASDAQ: MRNA) and Germany's BioNTech (NASDAQ: BNTX). The share prices of the two lost over 4% and slightly more than 3%, respectively, on the day.
In remarks quoted widely by the media Thursday morning, Dr. Anthony Fauci said that certain technologies currently being developed by the government's National Institutes of Health (NIH) will be licensed to the World Health Organization (WHO) and the United Nations-affiliated Medicines Patent Pool. Those two organizations will be able to utilize the technologies to help develop vaccines and drugs that combat COVID.
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