Novavax and BioNTech dropped by more than 7 percent, with “almost all of the losses coming after news broke of the selection,” reported Forbes.
Moderna saw shares close at $39.77, knocking the stock to its lowest point this year.
Pfizer, meanwhile, escaped the day with relatively minor losses, with stocks dropping by 2.6 percent to $26.02.
The pharmaceutical industry hedged its bets in the last election cycle, donating considerable sums of money to both parties.
But that’s not the only impact that Trump’s policies are having on the stock market.
Now that the initial rush surrounding Trump’s pro–big business agenda is quieting down, investors are waking up to the staggering costs of some of his plans.
For the second day in a row, the S&P 500 dropped, with tech stocks at the forefront of the decline, according to Bloomberg. »