Investors wiped more than $10bn off the market value of the main Covid-19 vaccine makers on Monday after US president Joe Biden said “the pandemic is over”.
Shares in Moderna, BioNTech and Novavax fell as much as 9 per cent while Pfizer, which has a much broader portfolio of products, fell as much as 2 per cent in early trading in New York. The S&P 500 index declined 0.3 per cent.
Analysts said the sell-off reflected concerns over demand for Covid vaccines at a time of increasing public apathy and the message from leaders in the US and elsewhere that the crisis phase of the coronavirus pandemic is coming to an end.
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