Why Covid-19 Vaccine Stocks Are Tanking Today - Novavax (NASDAQ:NVAX), Moderna (NASDAQ:MRNA), Pfizer (NYSE:PFE), BioNTech (NASDAQ:BNTX)

As the U.S. plans to get out of the crisis phase, the Biden administration said it would stop buying COVID-19 vaccines, treatments, and tests, White House Covid-19 Response Coordinator Dr. Ashish Jha said.
"One of the things we've spent much time thinking about in the last many months -- and we're going to continue this work, and you'll hear more from the administration on this -- is getting us out of that acute emergency phase where the U.S. government is buying the vaccines, buying the treatments, buying the diagnostic tests," Jha said at an event sponsored by the U.S. Chamber of Commerce Foundation.
"My hope is that in 2023, you're going to see the commercialization of almost all of these products. Some of that is actually going to begin this fall in the days and weeks ahead. You're going to see the commercialization of some of these things," he said.
As per the CNN report, the availability of COVID-19-related products would transition to the regular healthcare system.
In the spring, the Biden administration asked Congress for $10 billion to fund continued pandemic response efforts, but a deal to pass the funding stalled.
Hence, officials repurposed money from other efforts like tests and protective equipment for the strategic national stockpile and plan to use that money to buy updated vaccine booster shots that protect against the BA.4 and BA.5 coronavirus subvariants, which Jha said would be ready in early to mid-September.
Price Action: NVAX shares are down 6.72% at $40, MRNA stock is down 5.54% at $158.65, and BNTX stock is down 4.27% at $153.51 on the last check Wednesday.
Photo by Johaehn from Pixabay

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Biden Administration To Stop Purchasing COVID-19 Solutions By End Of 2022

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