Why Moderna and BioNTech Topped the Market Today

What happened

Shares of coronavirus stocks Moderna (NASDAQ:MRNA) and BioNTech (NASDAQ:BNTX) rose on Thursday by 1.4% and 4.9%, respectively, in contrast to the stock market’s dip on the day. This followed news that the two companies had their coronavirus vaccines fully approved by a national regulator.

So what

That authority is Health Canada. On Thursday morning, it switched on the green light for both Moderna’s mRNA-1273 (brand-named SpikeVax) and Comirnaty from BioNTech and its development partner Pfizer (NYSE:PFE). Similar to Comirnaty’s recent regulatory path in the U.S., the two shots had only been temporarily authorized for use in Canada and lacked full approval.

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