2024-06-03 06:07:00 ET
The shortened trading week that ended on May 31 was a strange one for the vaccine developer Moderna (NASDAQ: MRNA) . Biotech stocks generally rise after a product they spent years developing earns marketing approval, but this isn't what happened.
On Friday, May 31, the Food and Drug Administration (FDA) approved mResvia, a vaccine for respiratory syncytial virus for those 60 and older. The stock finished the week about 14% lower even though the green light doubled the number of products Moderna can sell.
Can Moderna bounce back for investors who buy the dip? To find out, let's look at some reasons the stock fell despite the good news.
For further details see:
Is Moderna Stock a Buy Now That It's a 2-Product Company?