NLS - Why Nautilus Stock Dropped Today
Shares of Nautilus (NYSE: NLS) dropped 11% today after Moderna announced that its COVID-19 vaccine candidate had achieved a strong efficacy rate of 94.5% in initial trials, sparking hopes that the pandemic's end is on the horizon. The news came a week after Pfizer and BioNTech said they achieved a 90% effective rate with their vaccine candidate. Nautilus is among the stay-at-home stocks that have become inadvertent beneficiaries of the public health crisis as consumers shun gyms and instead exercise at home.
Much like Peloton , Nautilus has seen sales skyrocket amid the pandemic, which has forced many retail gyms to close. In some cases, those gyms have declared bankruptcy and won't be reopening their doors. Peloton stock gained slightly today, potentially because its business may be more resilient due to a higher proportion of subscription revenue compared to Nautilus.
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Why Nautilus Stock Dropped Today