Biotech company Moderna experienced a 15% drop in the last three days, its lowest value for the month of December. Since posting its all-time high stock price on December 1st, Moderna shares have declined by a margin of 30%.
This decline looks to be the result of sales spurred by the FDA’s approval of the emergency use of Moderna’s COVID-19 vaccine, rather than the outbreak of further strains of the coronavirus.
While the value of Moderna shares may be highly affected by the approval of the FDA, it is worthwhile to note that the distribution of the vaccine began prior to their approval at the end of November.
The company announced its price of $22 per share to the public in December 2018. They later experienced gradual growth prior to the outbreak of the coronavirus pandemic, after which it went through two rally waves, reaching a peak of $95.91 in July.
With the company leading in the race to the development of a coronavirus vaccine candidate, the stock rallied once again in November, with buyers igniting a 112-point, four-week advance. This resulted in an all-time high share value of $178.50 on December 1st.
