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Why Is Moderna Stock Down Today?
Forbes • • general
Key Points:
- Moderna’s stock fell on Thursday, dropping its market valuation by over $18 billion to $51.5 billion after a record surge the previous day driven by breakthrough cancer vaccine trial results.
- The stock surge on Wednesday significantly increased the net worth of co-founders Thomas Langer and Noubar Afeyan, as well as CEO Stéphane Bancel, though their fortunes declined alongside the stock on Thursday.
- Analyst Mani Foroohar had previously highlighted Moderna’s late-stage cancer vaccine trial as a critical event for the company’s stock, given the potential for the vaccine to target multiple cancer types.
- Moderna and Merck are exploring additional trials for the vaccine targeting cancers such as non-small cell lung cancer and bladder cancer.
- Despite its COVID-19 vaccine success, Moderna reported a net loss of $782 million on $145 million in revenue in its latest quarter, underscoring the high stakes of its cancer vaccine development.
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