Positive clinical trial results for Merck & Co's experimental antiviral COVID-19 pill reverberated through the healthcare sector on Friday, sending the drugmaker's stock price soaring while denting high-flying shares of vaccine companies and makers of other coronavirus therapies.
and partner BioNTech SE were hit, with some analysts saying the promise of an oral drug that can be taken at home could change the public perception of risks associated with COVID-19.
"We see modest perceived headwind to vaccine stocks such as MRNA if the market thinks people will be less afraid of COVID-19 and less inclined to get vaccines, if there is a simple pill that can treat COVID-19," Jefferies analyst Michael Yee said in a client note. Moderna shares tumbled 13% in midday trading, while Pfizer, which is developing a COVID-19 pill of its own, fell 1.3%. U.S. shares of BioNTech dropped 11%.
For Moderna investors, the Merck news presented an opportunity to lock in gains after an already stunning run. Shares of Moderna, which were added to the S&P 500 in mid July, remain up some 220% in 2021 despite Friday's declines. BioNTech's shares were also still up about 200% for the year, even with Friday's fall.
The Merck news is a "great reason for folks to be taking profits off the table” in Moderna and BioNTech shares, said Sahak Manuelian, head of equity trading at Wedbush Securities. "These moves can get exacerbated to the downside given the momentum they have had to the upside."FILE PHOTO: Vials of coronavirus disease vaccines of Pfizer-BioNTech and Moderna are seen in the town of Ricany near Prague, Czech Republic, February 25, 2021.
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