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In 2020, many companies tried to develop effective coronavirus vaccines, but two ended up succeeding and dominating the field: Pfizer (PFE 0.77%) and Moderna (MRNA 2.21%). These two vaccine makers made small fortunes thanks to their work in this space.
Moderna (MRNA 2.21%) has gone through its share of ups and downs in recent years, from posting soaring coronavirus vaccine revenue a few years ago to seeing demand for that product sink in the later stages of the coronavirus pandemic. Now, the biotech is trying to show the world that it can expand beyond coronavirus prevention as it has a full pipeline of programs ranging from latent viruses and rare diseases to cancer.
Leerink Partners analyst David Resinger warned his clients on Sunday that the tariff risks to the industry are 'underappreciated.'
The decline in biotech stocks comes after FDA official Peter Marks' resignation, citing irreconcilable differences with the new HHS Secretary.
Dr. Kavita Patel joins 'Fast Money' to talk the impact of FDA and HHS changes on vaccines, public health policy, and more.
Major U.S. equities indexes were mixed to kick off the new trading week as U.S. trade policy remained in focus.
Stocks of major vaccine makers dropped on Monday after the Food and Drug Administration's (FDA) top vaccine official Dr. Peter Marks resigned, citing conflicts with Health and Human Services (HHS) Secretary Robert F. Kennedy (RFK) Jr. over his views on immunization.
Biotech investors are grappling with fresh uncertainty following the abrupt resignation of Dr. Peter Marks, a key figure in the US Food and Drug Administration.
Shares of Moderna (MRNA -9.35%) are falling on Monday. The company's stock lost 7.9% as of 1:30 p.m.
Shares of vaccine makers Moderna and Novavax, along with a range of other biotech companies, fell after the resignation of key FDA official Peter Marks. Marks stepped down in protest of Health and Human Services Secretary Robert F.