2023-04-26 13:15:33 ET
- Wall Street continued to avoid pandemic plays as shares of the two leading COVID-19 vaccine makers in the U.S., Pfizer ( NYSE: PFE ) and BioNTech ( NASDAQ: BNTX ), reached new 52-week lows on Wednesday, albeit at below-average volumes.
- Pfizer ( PFE ), the joint developer of the first FDA-cleared COVID-19 shot in the U.S. with BioNTech ( BNTX ), dropped for the third straight session as the stock reached the lowest level since July 2021. Meanwhile, BioNTech ( BNTX ) shares fell for the eighth consecutive session to hit a two-year low.
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Their recent underperformance coincides with disappointing quarterly reports from other pandemic favorites such as Danaher ( DHR ) and Thermo Fisher Scientific ( TMO ), which also indicate a drop in demand for COVID related products.
- Pfizer ( PFE ) and BioNTech ( BNTX ) have lost more than 20% over the past 12 months, underperforming their rival drugmakers in the COVID space, AstraZeneca ( AZN ), Merck ( MRK ) and Johnson & Johnson ( JNJ ), as shown in this graph.
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Pfizer, BioNTech hit new 52-week lows