Pharma Stocks Take Nose Dive After Trump Announces RFK Jr. For HHS
The stocks for three pharmaceutical companies heavily involved in the production of vaccines fell drastically by market close on Thursday following President-elect Donald Trump’s announcement that he was appointing…
The stocks for three pharmaceutical companies heavily involved in the production of vaccines fell drastically by market close on Thursday following President-elect Donald Trump’s announcement that he was appointing Robert F. Kennedy Jr. to head the Department of Health and Human Services (HHS).
Pharmaceutical company Moderna’s stock fell 5.6%, BioNTech dropped 7.1% and Novavax stock fell 7.2% before market close on Thursday, Axios reported. All three of the companies had raked in significant revenue from COVID-19 vaccines.
Moderna’s stock had been declining since peaking in 2021 at the height of the COVID-19 vaccine rollout, but the sudden drop coincided with the announcement from Trump. As of two hours after the market opened on Friday, Moderna’s stock was down over 7%, while BioNTech’s stock was down 3.80% and Novavax stock was down 2.35%.
Trump officially announced Kennedy’s HHS role in a Thursday tweet, following speculation