Prognosis
Moderna, BioNTech Lose $60 Billion in Value in Two-Day Drop
- World’s leading Covid-19 vaccine makers tumble from records
- Shares of each company slide more than 18% intraday Wednesday
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Moderna Inc. and BioNTech SE, the world’s leading Covid-19 vaccine makers, tumbled for the second day in a row, losing roughly $60 billion in combined market value as investors balked at the companies’ lofty valuations.
The declines deepened Wednesday with Moderna closing 16% lower and BioNTech dropping 14% as trading volume picked up. The stocks had soared more than 360% each this year through Monday, when both set record closing highs.