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Covid Vaccine Stocks May Cause Excess Optimism, Losses

Covid Vaccine Stocks May Cause Excess Optimism, Losses

Coronavirus treatment stocks come with an important side effect: they tend to sell off on the news. After months of grim pandemic headlines, this week

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Coronavirus treatment stocks come with an important side effect: they tend to sell off on the news.

After months of grim pandemic headlines, this week finally brought signs of major progress: Pfizer and its partner BioNTech announced their Covid-19 vaccine was more than 90% effective. What’s more, Moderna—whose vaccine uses a similar technology to Pfizer’s—said Wednesday its vaccine candidate should have efficacy data soon. Even as Covid-19 cases are surging in the U.S., it is finally possible to imagine the end of the pandemic.

This post first appeared on wsj.com

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