(Bloomberg) — Moderna Inc. and BioNTech SE, the world’s leading Covid-19 vaccine makers, tumbled for the second day in a row, losing roughly $60 billion in combined market value as investors balked at the companies’ lofty valuations.
The declines deepened Wednesday with Moderna closing 16% lower and BioNTech dropping 14% as trading volume picked up. The stocks had soared more than 360% each this year through Monday, when both set record closing highs.
Wall Street has been divided on the stocks’ soaring prices, with more analysts grading the stocks a hold than recommending that investors buy. Bank of America Corp. analyst Geoff Meacham summed up the bears’ view on Cambridge, Massachusetts-based Moderna on Monday when he wrote the biotech’s valuation went “from unreasonable to ridiculous” as the stock approached a $200 billion market capitalization.
They aren’t the only vaccine stocks dropping. Pfizer Inc., the partner of Mainz, Germany-based BioNTech, slid 3.9% Wednesday, falling from an all-time high.
(Updates share, market value moves.)
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