Shares of Moderna Inc.
MRNA,
took a 5.9% beating toward a three-year low in afternoon trading Tuesday, enough to lead the S&P 500’s
SPX,
losers, and to put them on track to suffer yet another five-day losing streak. The biotechnology and COVID vaccine company’s stock has shed 17.2% during its current losing streak, the worst five-day performance since it plunged 19.2% during the five-day stretch that ended Feb. 24, 2023. The stock had dropped 6.5% on Monday, even after the company affirmed its guidance in the wake of Pfizer Inc.’s
PFE,
warning of a revenue shortfall due to a lowered outlook for COVID product sales, and as Chairman Noubar Afeyan disclosed more share sales. The stock has now suffered seven losing streaks of at least five sessions this year, including two seven-session streaks, one in August and the other in February. The stock, which was on track for the lowest close since Nov. 11, 2020, has shed 51.9% year to date while the S&P 500 has advanced 13.7%.
