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Pfizer and Moderna stocks tumble over anticipated low COVID-19 vaccination rate

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Pfizer, BioNTech, and Moderna stock prices fell precipitously on Monday as a result of anticipated low uptake rates for the updated COVID-19 vaccines.

Pfizer CFO David Denton said at a press conference on Monday that he anticipates 24% of the U.S. population, or 82 million people, will receive the updated COVID-19 vaccines that received approval from the Food and Drug Administration last week.As of May, only 17% of the nation had received the bivalent booster vaccination against COVID-19, according to data from the Centers for Disease Control and Prevention.

Pfizer and BioNTech announced on Tuesday of last week at a CDC advisory meeting that they would be charging approximately $120 for their mRNA COVID-19 vaccines, while Moderna would be charging closer to $130. The Biden administration announced in July that it would begin commercializing the COVID-19 preparedness strategy, only relying upon government-purchased vaccines for those without insurance or with insurance that would not cover the updated shot.

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