Aug 7, 2023
Shares in Moderna and BioNTech are cratering as investors realize that demand for mRNA jabs for Covid and other respiratory illnesses will be near-zero going forward…
It couldn’t have happened to a nicer bunch of medical billionaires.
Investors are voting on the failure of mRNA technology with their feet, fleeing the stocks of Moderna and BioNTech, the two companies that had the greatest wins on the mRNA Covid jabs.
In 2021 and 2022, Moderna and BioNTech rode Covid to tens of billions of dollars in profits. That gravy train is over.
Today, shares in Moderna and BioNTech fell below $100 a share for the first time since the jabs came to market in 2020, plunging almost 10 percent after BioNTech reported weak second-quarter sales and said it would reduce its planned research spending.
Both companies are down almost 80 percent from their 2021 peaks. Pfizer, which markets BioNTech’s mRNA jab and shares profits equally with BioNTech, has also fallen, though not as much, since Pfizer has non-mRNA products.
Behind the plunge: demand for Covid shots has fallen off a cliff worldwide and shows no signs of recovering. Last month, Germany said it expected to throw out 200 million expired shots, more than the total number it has administered.