Why Several Coronavirus Vaccine Stocks Not Named Moderna Fell Today

Moderna (NASDAQ: MRNA) announced the publication of positive results from a phase 1 study of its COVID-19 vaccine candidate mRNA-1273 late Tuesday. But those results led to the stocks of several other drugmakers working on experimental vaccines against the novel coronavirus that causes COVID-19 to drop. 

Shares of BioNTech (NASDAQ: BNTX) and Inovio (NASDAQ: INO) were down 5.4% and 6.1%, respectively, as of 3:35 p.m. EDT on Wednesday. IMV (NASDAQ: IMV) stock was down 6.9%. Altimmune (NASDAQ: ALT) and Sorrento Therapeutics (NASDAQ: SRNE) were hit even harder, with their shares sinking 9.3% and 17.3%, respectively.

Not every stock of drugmakers developing COVID-19 vaccine candidates fell today, though. AstraZeneca shares jumped 7.6% in anticipation of the impending announcement of phase 1 results for its coronavirus vaccine candidate. Novavax stock was also up 1.2%.

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Source Fool.com