Shares of vaccine producers' stocks are trading higher Wednesday on reports indicating disease experts predict a small rise in COVID-19 cases this summer.
The Details:
According to a report from NBC News, experts predict a small rise in COVID-19 cases as a newly dominant strain spreads. The new strain, KP.2, represents 28% of COVID-19 infections in the U.S. and experts believe its mutations have made the variant more immune evasive.
Much remains unknown about the KP.2 variant, however, research from Japan suggests current COVID-19 vaccines may be less effective against KP.2 than against previous variants.
The same research also suggests KP.2 might be less efficient at infecting cells, making the new variant more difficult to transmit and less likely to cause severe symptoms. Experts are predicting a rise in COVID-19 cases, however, they expect the rise to be smaller than in previous years.
Shares of vaccine-makers, including BioNTech SE (NASDAQ:BNTX) and Novavax, Inc. (NASDAQ:NVAX), are climbing as COVID-19 headlines return to the spotlight.
Moderna, Inc. (NASDAQ:MRNA) shares are trading at new 52-week highs following the report, and Pfizer, Inc. (NYSE:PFE) shares are also moving higher.
BNTX, NVAX, MRNA, PFE Price Action: According to Benzinga Pro, BioNTech shares are up 8.58% at $99.97, Novavax shares are up 7.38% at $16.01, Moderna shares are up 10.2% at $158.29 and Pfizer shares are up 2.45% at $29.26 at the time of publication Wednesday.