Moderna Crash Wipes Out Another $24 Billion After Supply-Chain Issues Dent Covid Vaccine Sales

Moderna shares plummeted Thursday morning after the Cambridge, Massachusetts-based biotech firm posted worse-than-expected quarterly earnings and warned sales of its Covid-19 vaccines would fail to meet previous projections, fueling pessimism among analysts that warning the stock’s meteoric gains would fail to hold up amid supply-chain constraints as the pandemic wanes.

Shares of Moderna plunged 17% shortly after the market opened Thursday, wiping out more than $24 billion in market value and pushing prices to a three-month low of $287.

Triggering the morning crash, Moderna on Thursday reported third-quarter sales and earnings that failed to meet analysts’ expectations, with revenue falling short of $5 billion despite average analyst projections calling for $6.2 billion.