Outbreak Sparks Biotech Booms But Vaccine Funding Is Missing
- U.S. agency says it lacks ‘adequate funding’ for outbreak
- Vaccine development often stalls when health crisis abates
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The promise of a vaccine for coronavirus has sparked rallies in a handful of stocks this week but past pandemics show there may be little to show for drugmakers’ efforts.
Moderna Inc. became the latest stock to get a bump after saying it is working with the U.S. National Institutes of Health on a vaccine. The shares shot up as much as 11% on Wednesday to the highest in eight months. Novavax surged 71% on Tuesday, its biggest rally in more than 10 years, after the company said it was looking into a vaccine.