COVID-19 related stocks seeing correction, check details
Pandemic-related stocks are seeing a correction globally due to a decline in COVID-19 cases. Back home, a sector that stands out is the diagnostic space because of reduced testing and normalcy in business.
As COVID-19 cases reduce, it seems pandemic-related stocks globally are seeing a correction. Vaccine manufacturers such as Moderna, Pfizer, BioNTech and Novavax have all corrected anywhere between 8 percent to over 20 percent just in the past one month.
The likes of Moderna have seen a steeper correction with the stock down 70 percent from its August 2021 highs.
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While many of the companies have issue specific to the company – for example executives of Moderna, the manufacturer of the mRNA COVID-19 vaccine, have sold shares worth around USD 3.6 million last week – analysts have pegged the broader reason for the correction due to COVID-19 cases reducing and investors hence questioning if vaccines will be a sustainable revenue going forward.
Watch the accompanying video of CNBC-TV18’s Ekta Batra for more details.
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First Published: Feb 16, 2022 5:32 PM IST
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