Moderna (MRNA) prodded a biotech sell-off Wednesday as investors digested a report regarding side effects tied to the company's experimental coronavirus vaccine.
XIan Haydon, a 29-year-old volunteer from Seattle, reportedly experienced a systemic adverse reaction to the vaccine, according to a Stat News report issued Tuesday. Haydon developed a fever, sought medical attention and fainted all within a day of receiving a second dose.
That puts Haydon among three patients who experienced Grade 3 systemic symptoms after receiving the highest dose of Moderna's coronavirus vaccine. On the scale of side effects, Grade 3 is considered severe but not life threatening. And Moderna isn't moving that dose into additional testing.
Although the news came out Tuesday, makers of coronavirus vaccines tumbled Wednesday. Moderna stock sank 9.6%. Novavax (NVAX) fell 5.6% and Inovio Pharmaceuticals (INO) dropped 8.8%. Translate Bio (TBIO) toppled 6.6%. BioNTech (BNTX) lost 6.5%.
Coronavirus Vaccine Safety Questioned
Collectively, biotech stocks slumped a fraction.
The hunt for a coronavirus vaccine has put biotech and pharmaceutical companies in the hot seat over the last several months. Massive drug developers like GlaxoSmithKline (GSK), Pfizer (PFE), Merck (MRK) and Johnson & Johnson (JNJ) are in the race.
Among biotech companies, Moderna is the undisputed leader. That's because Moderna already has an interim cut of Phase 1 data. On May 18, Moderna said eight participants in the Phase 1 study began showing antibodies against the new coronavirus after the vaccine.
Moderna stock rocketed 20% on the news, helping push other coronavirus vaccine makers higher. But after the stock market closed, Moderna announced a public offering and shares slipped. Since then, Moderna stock has tumbled nearly 28% as of Tuesday's close.
The Stat News article further prodded shares down Wednesday. Haydon, the volunteer from Seattle, says he recovered from his symptoms within a day. Moderna didn't immediately respond to a request for comment on the systemic side effects seen in the study.
Novavax Expands Manufacturing Capacity
Also Wednesday, Novavax announced its plans to acquire Czech Republic-based Praha Vaccines. The all-cash transaction is worth about $167 million. It includes a biologics manufacturing facility and some assets in the Czech Republic.
Novavax says the facility is capable of making more than 1 billion doses of a key antigen each year beginning in 2021. That antigen is needed to make Novavax's experimental coronavirus vaccine.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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