Why Moderna Shares Are Sliding Today

Moderna Inc MRNA is trading significantly lower Monday as vaccine names pull back after gaining in late November amid omicron concerns.

The World Health Organization is now saying that the omicron variant has been detected in more than 40 countries since it was first reported by South African health authorities. However, reports from South Africa suggest that hospitalization rates have not increased alarmingly.

U.S. health officials said Sunday that although the omicron variant is rapidly spreading throughout the country, early indications suggest it may be less dangerous than the delta variant.

Dr. Anthony Fauci made it clear that scientists still need more information before drawing conclusions, but provided some optimism about the severity of the new coronavirus strain.

"Thus far, it does not look like there’s a great degree of severity to it," Fauci said. “But we have really got to be careful before we make any determinations that it is less severe or it really doesn’t cause any severe illness, comparable to delta.”

See Also: Moderna's President Hoge Sees 'Reboot' Of Existing Shots If Efficacy Falls 50%: Bloomberg

Moderna is a commercial-stage biotech company. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020.

MRNA Price Action: Moderna has traded as high as $497.49 and as low as $102.66 over a 52-week period.

The stock was down 12.50% at $268.38 at time of publication.

Photo: mufidpwt from Pixabay.