Vaccine Sector Sell-Off Looks Overdone -- Market Talk

Dow Jones11-15

1033 GMT - The vaccine sector is under pressure after the nomination of Robert F. Kennedy Jr. as U.S.'s Health Secretary, but the market reaction looks overdone, Bryan Garnier Research analysts write. Kennedy is feared for his anti-vax positions, the analysts say. Shares in Pfizer, GSK, Moderna and BioNTech all dropped in Thursday's U.S. session and the sell-off has continued in Europe. Bavarian Nordic shares are down 16%, Valneva shares 6.1% lower with GSK and Sanofi both down 2.7%. However, the analysts believe the vaccine recommendation process has rigid structures in place, and U.S. governmental action will likely focus more on increased transparency and public information on vaccine risks and benefits. "We thus expect no impact on Valneva and Bavarian Nordic business near-term." (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

November 15, 2024 05:34 ET (10:34 GMT)

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