Moderna sinks 6% as investors continue to secure profits from massive vaccine rally
- Moderna slumped as much as 6.2% on Friday as investors sold off on encouraging news regarding the company's coronavirus vaccine.
- A panel of Food and Drug Administration experts recommended the vaccine be approved for emergency use on Thursday, a key step that will set the shot up for distribution in the United States as soon as next week.
- Investors are likely taking profits from the stocks 600% year-to-date rally. Shares of Moderna traded around $137 Friday morning.
- Watch Moderna trade live here.
Moderna slumped as much as 6.2% on Friday as investors sold off on encouraging news regarding the company's coronavirus vaccine.
A panel of Food and Drug Administration experts recommended the vaccine be approved for emergency use on Thursday, a key step that will ready the shot for distribution in the United States as soon as next week. Upon FDA approval, Moderna will become the second authorized coronavirus vaccine provider in the US.
The recommendation came from the FDA's Vaccines and Related Biological Products Advisory Committee. Last week, following the committee's recommendation to approve Pfizer's vaccine, the FDA granted Pfizer emergency use authorization the next day, and the first vaccines were given in the US on Monday.
Moderna's shares are dropping in a sign that investors are securing profits from the stock's 600% year-to-date rally. Shares of Moderna traded around $137 Friday morning.
