Covid-19 Vaccine Maker Stocks Higher Amid Variant Concerns

By Michael Dabaie

Shares of Covid-19 vaccine makers Moderna Inc., Pfizer Inc. and BioNTech SE were higher Friday after South Africa raised alarms about a fast-spreading new variant of the coronavirus.

Moderna shares rose 26% to $345.54 and Pfizer was up 5.5% to $53.67, while American depositary receipts of BioNTech, which collaborates with Pfizer on a vaccine, were 21% higher to $369.11.

Equity markets were broadly lower amid concerns over the variant, with the Dow Jones Industrial Average, Nasdaq and S&P 500 each down more than 2%.

"The scientific, political and economic focus on the Nu variant is well founded despite the limited data," Citi said in commentary on the new variant. "The next two weeks with be critical to determine whether Nu will displace delta in countries with high background rates such as U.K. and Germany."

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires

November 26, 2021 12:06 ET (17:06 GMT)

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