Shares of the major manufacturers of Covid vaccines fell after the unprecedented wave of the outbreak of infections with the Omicron subsided, as the number of new infections recorded in the country fell rapidly, sending Moderna shares down more than 11% to record the largest collapse in the S&P 500 index.
While Pfizer’s share fell by 2%, its partner Biontech fell by more than 9%, and Novavax’s share collapsed by 11%, as for Johnson & Johnson, its share fell by 1%.
The White House’s chief medical advisor, Dr. Anthony Fauci, said that the United States is emerging from the worst phase of the Covid-19 pandemic, as the country announced an average of 175,000 new cases per day during the past seven days, according to Johns Hopkins University statistics, which is equivalent to a decrease By 42% compared to the previous week, noting that the cases recorded a record level of 800,000 new cases per day, on average, on January 15.
Moderna’s Covid vaccine is the company’s only commercial product, so its stock is at risk of an even bigger crash as demand for vaccines plummets. Read more [Moderna Lowers Sales Forecast For Covid Vaccine].
About 64% of the American population has been fully vaccinated with two doses of the Pfizer or Moderna vaccine or a single dose of Johnson & Johnson.
Pfizer and Biontech are working on the development of a new Covid vaccine targeting the omicron mutant, and it will be ready by next March, according to the statements, but the need for a new vaccine may not be necessary if the cases continue to decline, and Moderna has started the clinical trial phase for a booster dose of the omicron mutant.
As for Novavax, its vaccine has not received approval from the US Food and Drug Administration. Read more [Covid Vaccine and Treatment Push Pfizer to $54B Forecast] [Pfizer & Moderna Will Make Billions From The Vaccine Market].