Moderna's stock surged after the biotech company partnered with Carsgen to study a new cancer vaccine regimen using mRNA technology, giving Moderna a second opportunity in the field of cancer vaccines.
The stock market experienced a sharp decline as early gains turned into a selloff, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all falling; concerns over rising bond yields and inflation contributed to the sell-off.
Stocks have historically performed poorly in September, with an average loss of 1.12%, but investors should not base their decisions solely on this statistical trend and should focus on buying fundamentally strong companies at reasonable prices.
Moderna's market cap took a hit after Pfizer's announcement that only 24% of eligible Americans will receive a COVID-19 booster shot, but analysts still project a positive outlook for the next five years with the company's expansion into other areas such as oncology and rare diseases. The target price for Moderna stock is $166.25 per share, indicating a potential upside of 59.67%.
Nvidia, the semiconductor giant, has experienced a 10% decline in their stock this month, leading to a $180 billion decrease in market capitalization, attributed to the "September effect," although it remains the best performer in the S&P 500 due to the rise of AI and ChatGPT.
Pfizer, Moderna, and AstraZeneca stocks have declined from their highs during the pandemic but are now trading at more reasonable valuations with potential for earnings growth, making them potential buying opportunities.
The stock market's decline has pushed the Dow into negative territory for the year, and the focus is now on the S&P 500's approaching level of support at 4,200.
Pharmaceutical giant Pfizer has experienced a significant decline in stock value, losing billions in market cap, as the demand for their new COVID vaccines wanes with the removal of mandates and skepticism surrounding their efficacy.
Pfizer's reduced sales forecast for its COVID-19 treatments and vaccines causes concern in the market, leading to a decrease in the stocks of its partners BioNTech and Moderna.
Pfizer's shares are falling after the company lowered its full-year outlook due to declining sales of its COVID-19-related products, including the vaccine and treatment, resulting in a projected revenue shortfall of $9 billion.
Shares of Pfizer and other Covid vaccine makers like BioNTech and Moderna dropped in premarket trading after Pfizer slashed its revenue forecasts due to declining demand for its Covid-19 products.
Pfizer's reduction in its full-year guidance led to a sell-off among Covid vaccine makers, causing Moderna and BioNTech stocks to decline.
Moderna shares plummeted to a nearly three-year low after the company warned of uncertainty in predicting demand for its COVID-19 vaccines, while rival Pfizer saw a boost in its stock after an upgrade from Jefferies.
