Moderna Inc. and BioNTech SE, the world’s leading Covid-19 vaccine makers, tumbled for the second day in a row, losing roughly $60 billion in combined market value as investors balked at the companies’ lofty valuations.
The declines deepened Wednesday with Moderna closing 16% lower and BioNTech dropping 14% as trading volume picked up. The stocks had soared more than 360% each this year through Monday, when both set record closing highs.
Moderna and BioNTech record-setting rallies stymied in two-day slide
Wall Street has been divided on the stocks’ soaring prices, with more analysts grading the stocks a hold than recommending that investors buy.
Bank of America Corp. analyst Geoff Meacham summed up the bears’ view on Cambridge, Massachusetts-based Moderna on Monday when he wrote the biotech’s valuation went “from unreasonable to ridiculous” as the stock approached a $200 billion market capitalization.