Why Moderna Stock Sunk Today
Portfolio Pulse from Ryan Gustafson
Moderna, Inc. (NASDAQ:MRNA) shares traded lower on Monday, possibly in sympathy with BioNTech (NASDAQ:BNTX), which reported a year-over-year drop in sales and reduced its R&D spending outlook for 2023. BioNTech's Q2 sales were €167.70 million ($207.94 million), a 94.75% decrease from the same period last year. Moderna's shares fell nearly 7% in response to BioNTech's earnings report.
August 07, 2023 | 7:00 pm
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NEGATIVE IMPACT
BioNTech reported a significant drop in sales and reduced its R&D spending outlook for 2023, leading to a drop in its stock price.
BioNTech's disappointing earnings report and reduced R&D spending outlook likely led to a drop in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Moderna's shares fell nearly 7% in response to BioNTech's disappointing earnings report.
Moderna's stock price fell in response to BioNTech's disappointing earnings report, suggesting that investors may be concerned about the broader vaccine market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100