Novavax sinks after White House omits as COVID vaccine finalist

The New York Times this afternoon reported that Moderna (MRNA) is among the five finalists selected by the Trump administration as the most likely to produce a vaccine for the coronavirus. By narrowing the field, the White House is betting it can identify the most promising vaccines at an early stage, speed along the process of determining which will work and ensure that the winner or winners can be quickly manufactured in large quanities, the Times said. A White House announcement is expected in the new few weeks. In addition to Moderna, the winners are AstraZeneca (AZN), Johnson & Johnson (JNJ), Merck (MRK) and Pfizer (PFE), according the Times. Shares of Moderna are down 11c to $59.76 in afternoon trading. Novavax (NVAX) shares are down 14% to $42.60 after not being selected as a finalist.