Why Some Coronavirus Stocks Plunged Today
What happened
Despite some rather good news with several coronavirus stocks on Monday, for the most part investors sold them off.
Despite some rather good news with several coronavirus stocks on Monday, for the most part investors sold them off.
After an early morning price pop, bellwether Moderna $Moderna(MRNA.US$ ended up sinking by over 6% on the day. Novavax $Novavax(NVAX.US$ , which fell 7%, could have been the poster child for the good news/bad stock price dynamic on the day. BioNTech $BioNTech(BNTX.US$ slid by more than 4%, even as the co-developer of its Comirnaty coronavirus vaccine, Pfizer $Pfizer(PFE.US$ , crept up by nearly 3% on the day.
Now what
Fear was guiding investment decisions about coronavirus stocks on Monday, and as long as those alarming headlines spread across web pages and newspapers, that should continue. Perhaps investors are seeking shelter in certain defensive pharmaceutical titles, which might explain Pfizer's rise on the day. Either way, now is a nervy time to hold shares of biotechs active in the coronavirus fight.
Fear was guiding investment decisions about coronavirus stocks on Monday, and as long as those alarming headlines spread across web pages and newspapers, that should continue. Perhaps investors are seeking shelter in certain defensive pharmaceutical titles, which might explain Pfizer's rise on the day. Either way, now is a nervy time to hold shares of biotechs active in the coronavirus fight.
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