Moderna Inc MRNA shares are trading lower by 4.5% to $74.50 during Wednesday's session. Shares of several COVID vaccine stocks are trading lower after Pfizer Inc. provided FY24 guidance.
Investors might have been expecting higher performance across the board from COVID vaccine manufacturers. When a major player like Pfizer falls short of anticipated revenue, it could lead investors to reassess their expectations for similar companies like Moderna, hence triggering a sell-off.
What Happened With Pfizer?
Pfizer shared its anticipated earnings for the full year of 2024, taking into account the Seagen Inc acquisition, which received regulatory approval about nine months after it was announced.
The expected revenue for FY24 is estimated to be between $58.5 billion and $61.5 billion due to the inclusion of the Seagen acquisition. However, this projection falls short of the consensus estimate of $63.17 billion...Read More
According to data from Benzinga Pro, MRNA has a 52-week high of $217.25 and a 52-week low of $62.55.
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