(Bloomberg) — Moderna Inc. is on its longest losing streak in more than two years, extending its slump from a record high in August by 50%.
The slide has wiped about $98 billion off the company’s market value since that peak. While the omicron variant is sweeping the world, Moderna’s shares were pressured as coronavirus pills by Pfizer Inc. and Merck & Co., Inc. recently received authorization from the FDA.
The shares closed lower by 2.2% Tuesday at $241.44. They have fallen about 18% over the past six days, erasing almost $22 billion in market value.
To be sure, shares of the Cambridge, Massachusetts-based company are still up 131% on the year. Moderna, which joined the S&P 500 in July, is one of the index’s top performers this year and lags only Tesla Inc. over the past two years.
Fellow Covid-19 vaccine maker Pfizer Inc. also slipped Tuesday, extending declines from its record high close on Dec. 16. BioNTech SE is on its longest losing streak since September 2020.
(Updates with closing prices throughout.)
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