Moderna drops after reporting trial for birth defect vaccine failed
Moderna continued to drop on Thursday after it reported Wednesday evening that its experimental vaccine for cytomegalovirus (CMV), which can cause birth defects, failed in a late-stage trial.
The company is perhaps best known for being tapped by the government to quickly develop a vaccine for COVID-19 in 2020, which remains its single source of revenue. Investors have been eager for signs that it will add more vaccines to its portfolio soon.
The CMV vaccine was the main product in Moderna’s pipeline prior to the COVID-19 pandemic. In the most recent results, the vaccine was only between 6% and 23% effective in blocking infection, which was “well below” the company’s target of at least 49%, the company said in a statement.
In statements announcing the results, Moderna’s leaders described the results at “disappointing.” The company fell more than 5% after-hours and is down more than 35% this year.
