By Shares of Moderna and other companies producing COVID-19 vaccines experienced a downturn after Pfizer cautioned about a decrease in revenue from its own COVID-19 products projected for next year.
Moderna and Pfizer Stocks Plunge
Moderna shares fell by nearly 5% in premarket trading, reaching $74.51, following in the footsteps of Pfizer shares, which experienced a more significant decline of over 6%. Moderna’s stock has already plummeted by approximately 57% this year.
BioNTech ADRs Also Affected
American depositary receipts linked to Germany-based BioNTech, Pfizer’s partner in the development of their COVID-19 vaccine, dropped by about 4% to $95.00 during the premarket session. BioNTech’s stock has declined by roughly 34% in 2021.
Novavax Experiences Minor Decrease
Novavax shares also witnessed a slight decrease of roughly 1% to $5.25 during premarket trading, contributing to an overall decline of approximately 48% this year.
Pfizer’s Revenue Outlook Falls Below Expectations
Earlier on Wednesday, Pfizer revealed its revenue and earnings outlook for next year, disappointing analysts on Wall Street. The diminished forecast resulted primarily from diminishing sales of the company’s COVID-19 vaccine and its Paxlovid treatment.
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