Moderna Crash Wipes Out $22 Billion In Value After Merck’s Covid Pill Triggers Vaccine Stock Plunge

Shares of Covid-19 vaccine makers collapsed Friday morning after pharmaceutical giant Merck announced it would seek regulatory approval for a first-of-its-kind treatment against the disease, sparking more than $30 billion in losses for a slew of stocks that headed up much of the market’s pandemic rally. Shares of Moderna plunged as much as 15% Friday morning by 11 a.m. EDT, wiping out more than $22 billion in market value and making it the day’s worst-performing stock in the S&P, which nevertheless ticked up 1%. -- More...