Moderna, Inc. MRNA shares are trading lower on Monday. The stock may be down in sympathy with vaccine peer BioNTech BNTX, which fell after reporting a year-over-year drop in sales and cutting its R&D spending outlook for 2023.
What To Know: BioNTech reported reported €167.70 million ($207.94 million) in sales for the second quarter, a 94.75% decrease over sales of €3.20 billion ($3.96 billion) the same period last year.
BioNTech also reduced its R&D expense outlook to €2-€2.2 billion, down from its prior range of €2.4-€2.6 billion.
Shares of Moderna reacted negatively to BioNTech's earnings report, trading lower by nearly 7% on Monday.
Related Link: What's Going On With Microsoft Monday?
MRNA Price Action: Shares of MRNA were down 6.79% at $100.84 at the time of publication, according to Benzinga Pro.
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