Moderna slump hits 50% from peak, erasing $98 billion value

Moderna is on its longest losing streak in more than two years, extending its slump from a record high in August to more than 50 per cent. The slide has wiped about $98 billion off the company’s market value since that peak.

While the Omicron variant is sweeping the world, Moderna’s shares were pressured as coronavirus pills by Pfizer and Merck & Co recently received FDA authorisation.

They have fallen about 19 per cent over the past six days, erasing almost $23 billion in market value. To be sure, Moderna’s shares are still up 136 per cent on the year