Why Sorrento Therapeutics, Novavax, Moderna, and Other Coronavirus Stocks Plunged Today

Coronavirus-related stocks fell on Tuesday after Russia said it had registered the world's first novel coronavirus vaccine. 

By the close of trading, shares of Sorrento Therapeutics (NASDAQ: SRNE), Inovio Pharmaceuticals (NASDAQ: INO), Novavax (NASDAQ: NVAX), BioNTech (NASDAQ: BNTX), and Moderna (NASDAQ: MRNA) were down 25%, 23%, 16%, 7%, and 4%, respectively. 

Russian President Vladimir Putin said his country's healthcare regulator officially approved the new COVID-19 vaccine. Russia intends to embark on a national immunization program, while also exporting the drug to international markets across the world. "I hope we can start a massive release of this vaccine soon," Putin said. 

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Source Fool.com