Why Moderna Shares Are Falling

Moderna Inc MRNA shares are trading lower following positive data from Pfizer for its COVID-19 oral antiviral treatment candidate.

According to Pfizer:

• PAXLOVID™ was found to reduce the risk of hospitalization or death by 89% compared to placebo in non-hospitalized high-risk adults with COVID-19
• In the overall study population through Day 28, no deaths were reported in patients who received PAXLOVID™ as compared to 10 deaths in patients who received placebo

Pfizer plans to submit the data as part of its ongoing rolling submission to the U.S. FDA for Emergency Use Authorization (EUA) as soon as possible

See Also: Moderna Cracks Below Support, Is A Recovery In Sight?

Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020.

Moderna has a 52-week high of $497.49 and a 52-week low of $68.92.