Moderna Sinks on AstraZeneca Covid-19 Vaccine Progress By

© Reuters.

By Christiana Sciaudone — Moderna (NASDAQ:) dropped 14% after AstraZeneca (NYSE:) and Oxford University said a vaccine candidate showed promise.

The vaccine, AZD1222, is safe and produced an immune response in early-stage clinical trials in healthy volunteers, Reuters reported, citing data from The Lancet. No serious side effects were reported.

JPMorgan (NYSE:) also downgraded the stock today on a high valuation, to neutral from overweight, The Street reported. Analyst Cory Kasimov boosted his one-year price target to $89 from $60.

Moderna has surged in recent months on vaccine news, quadrupling to more than $80 since March.

Last week, Moderna’s vaccine elicited antibodies in all people tested in an initial safety trials, Bloomberg reported, though there was a high rate of side effects, with three of 45 people facing severe reactions.

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