Vaccine Stocks Take Wild Ride Amid Political Clash, Earnings
- A basket of vaccine makers post first weekly loss since March
- Unwind comes amid concern over patents protecting Covid shots
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A geopolitical tug-of-war and quarterly sales that failed to meet sky-high expectations sent some of the leading Covid-19 vaccine developers tumbling this week.
Biotechs including Moderna Inc., BioNTech SE, Novavax Inc., and CureVac NV shed over $30 billion in market value at one point as President Joseph Biden said their patents should be stripped to combat the global pandemic.