Moderna Tumbles After Nonpartisan Pledge, First Sell Rating
- Gains on Covid-19 vaccine dissipating as late-stage data nears
- Established drugmakers Pfizer and Astra may have results soon
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Moderna Inc. fell 13% on Tuesday after regulators and top drugmakers promised the Covid-19 vaccine approval process would be immune from political pressure and the biotech company drew its first sell rating since going public in 2018.
Moderna’s vaccine is one of three leading candidates Wall Street expects may win an emergency use authorization near-term.. But pledges from the Food and Drug Administration and industry leaders have cast a pall over the prospects of a vaccine being approved before the U.S. election.