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Moderna Stock Dives On Report Biden Will Support Waiting Covid Vaccine Patents

Moderna stock crashed late Wednesday on reports President Joe Biden will support waiving the patent rights covering Covid vaccines.




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The news also hammered shares BioNTech (BNTX) and development partner Pfizer (PFE), as well as Johnson & Johnson (JNJ). All three — along with Moderna (MRNA) — make Food and Drug Administration-authorized Covid vaccines. Novavax (NVAX) stock also fell, though its vaccine isn’t yet authorized anywhere.

Waiving patent coverage would allow rival companies to take a look at the secret processes by which the vaccines are produced. BioNTech and Moderna were the first-ever companies to market messenger RNA drugs. Novavax’s Covid vaccine uses insect cells.

In late trading on the stock market today, Moderna stock slumped 5.7% near 163.80. BioNTech and Novavax stocks fell a respective 1.8% and 6.4%. Pfizer and Johnson & Johnson stocks slid fractionally.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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