Moderna Inc (NASDAQ:MRNA) shares are trading lower Tuesday following reports indicating that both the African Union and COVAX Consortium have declined to purchase the company's COVID-19 vaccine doses.
Lower-income countries are fighting distribution challenges including a lack of funds, hesitancy and supply-chain constraints. As a result, supply has increased and demand seems to be waning.
The African Union reportedly agreed to purchase 50 million doses in the first quarter and planned to purchase another 60 million doses in the second quarter. As supply remains high, the African Union opted to not acquire the additional 60 million doses.
COVAX reportedly opted against additional purchases of 166 million doses in the third quarter and 166 million doses in the fourth quarter.
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MRNA 52-Week Range: $122.01 - $497.49
According to data from Benzinga Pro, the stock was down 2.68% at $167.89 at time of publication.
Photo: mufidpwt from Pixabay.
