Shares of biotechs racing to make coronavirus vaccines, including Moderna Inc , fell about 10% on Wednesday, as investor concerns grew about the prospects of the experimental products that are still in early stages of development.
FILE PHOTO: A sign marks the headquarters of Moderna Therapeutics, which is developing a vaccine against the coronavirus disease , in Cambridge, Massachusetts, U.S., May 18, 2020. REUTERS/Brian Snyder
Moderna’s stock has more than doubled this year, on the back of early positive data from its experimental vaccine, among the first to be tested in humans in the United States for the virus. “The stock was due for a pullback on some concerns around timing of COVID-19 vaccine deployment,” said Oppenheimer analyst Hartaj Singh.
“We will certainly have doses by the end of the year, I just don’t think we will have data to support widespread inoculation by then,” Scott Gottlieb, former commissioner of the U.S. Food and Drug Administration, said on CNBC.
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