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Moderna sheds $98 billion in value as stock slumps 50% from peak

(FILES) In this file photo the Moderna headquarters is seen in Cambridge, Massachusetts on May 18, 2020.AFP via Getty Images

Moderna is on its longest losing streak in more than two years, extending its slump from a record high in August to more than 50 percent.

The slide has wiped about $98 billion off the company’s market value since that peak. While the Omicron variant is sweeping the world, Moderna’s shares were pressured as coronavirus pills by Pfizer and Merck recently received authorization from the FDA.

The shares were down 2.20 percent Tuesday to close at $241.44. They have fallen about 19 percent over the past six days, erasing almost $23 billion in market value.

To be sure, shares of the Cambridge-based company are still up 136 percent on the year through Monday’s close. Moderna, which joined the S&P 500 in July, is one of the index’s top performers this year and lags only Tesla over the past two years.

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Fellow COVID-19 vaccine maker Pfizer also slipped Tuesday, extending declines from its record high close on Dec. 16. BioNTech SE is on track for its longest losing streak since September 2020.