Shares moved lower despite strong earnings results from the vaccine-maker.
Shares of Moderna dropped on Wednesday even after the biotech company reported higher-than-expected revenue and profits in the first quarter, with results boosted by soaring coronavirus vaccine sales which more than tripled from a year ago. “The virus is mutating to become more and more infectious, and there’s waning immunity,” CEO Stephane Bancel told CNBC on Wednesday. “It is going to be really important to boost people in the fall with a better adapted vaccine which is what we’re working towards.
