MW Vaccine-maker stocks like Moderna, Pfizer drop as Trump picks RFK Jr. to lead HHS
By Victor Reklaitis
Vaccine skeptic Robert F. Kennedy Jr. tapped to lead Department of Health and Human Services
Shares of vaccine makers lost ground Thursday, hit by news that President-elect Donald Trump was naming vaccine skeptic and former presidential hopeful Robert F. Kennedy Jr. as his pick to lead the U.S. Department of Health and Human Services.
Shares of BioNTech $(BNTX)$ and Novavax $(NVAX)$ closed with losses of 7%, while Moderna's stock $(MRNA)$ shed 6%. Vaxcyte $(PCVX)$ dropped 4%, and Pfizer $(PFE)$ pulled back 3%. The sizeable declines in these stocks began around 3:30 p.m. Eastern in the wake of a Politico report that said Trump was about to announce his selection of RFK Jr.
The president-elect then announced his decision in a social-media post after the market's close.
"For too long, Americans have been crushed by the industrial food complex and drug companies who have engaged in deception, misinformation, and disinformation when it comes to Public Health," Trump wrote.
"The Safety and Health of all Americans is the most important role of any Administration, and HHS will play a big role in helping ensure that everybody will be protected from harmful chemicals, pollutants, pesticides, pharmaceutical products, and food additives that have contributed to the overwhelming Health Crisis in this Country. Mr. Kennedy will restore these Agencies to the traditions of Gold Standard Scientific Research, and beacons of Transparency, to end the Chronic Disease epidemic, and to Make America Great and Healthy Again!"
Some analyst have played down the risk that RFK Jr. poses to the healthcare industry XLV.
The Kennedy scion will not necessarily have "carte blanche to do what he wants," said Raymond James analyst Chris Meekins in a note last week. "There are rules, regulations, laws, etc., that will limit what Kennedy can do, to some degree."
-Victor Reklaitis
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November 14, 2024 16:40 ET (21:40 GMT)
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