The market’s erratic response to lukewarm medical research for COVID-19 treatment and vaccine candidates isn’t expected to slow down as investors pin their hopes for a recovery on the high-risk biotechnology sector.
See also:Moderna's stock soars, then dips, after questions arise around the limited data shared about its COVID-19 vaccine The publication of preprints has likely been a contributor to some of the market volatility, Mellon analyst Amanda Birdsey-Benson said. “They are giving a lot of false hope and a lot of disappointment.”
Since the start of the year, the SPDR S&P Biotech Exchange-Traded Fund XBI, +0.99% has gained 7.8%, making the biotech sector a top three performer among S&P ETFs during a year in which the coronavirus pandemic has hurt markets and decimated jobs. Several virus stocks began rallying by Jan. 23. In comparison, the S&P Low Volatility Index is down 14.9% for the year, while the S&P 500 SPX, +0.48% has declined 6.2%.
“With shares now down [about] 14% from last month’s highs — that we believe were fueled by constant remdesivir newsflow and overly optimistic expectations for significant NT remdesivir revenues — we now see a greater valuation disconnect and even more attractive buying opportunity,” RBC Capital Markets’ Brian Abrahams wrote in a May 27 note to investors.
So we’re made to believe that a bunch of people armed with a cup of coffee and a $1,200 stimulus check are affecting VIX? It can’t possibly be the Fed policies or the the billions from funds?
It had better not take that long this time or there will BE no market.
This is a fact many moderna speculators don't want to understand.
Well duhh! That’s why it’s funny when Robinhood investors keep driving up vaccine makers.
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