Moderna sheds US$98b in value as stock slumps 50% from peak

[NEW YORK] Moderna is on its longest losing streak in more than 2 years, extending its slump from a record high in August by 50 per cent. The slide has wiped about US$98 billion off the company's market value since that peak.

While the Omicron variant is sweeping the world, Moderna's shares were pressured as coronavirus pills by Pfizer and Merck & Co recently received authorisation from the FDA.

The shares closed lower by 2.2 per cent Tuesday (Dec 28) at US$241.44. They have fallen about 18 per cent over the past 6 days, erasing almost US$22 billion in market value.

To be sure, shares of the Cambridge, Massachusetts-based company are still up 131 per cent on the year. Moderna, which joined the S&P 500 in July, is one of the index's top performers this year and lags only Tesla over the past 2 years.

Fellow Covid-19 vaccine maker Pfizer also slipped Tuesday, extending declines from its record high close on Dec 16. BioNTech is on its longest losing streak since September 2020.

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