Shares of Moderna (NASDAQ: MRNA) fell 13.5% on Monday after health officials indicated that the omicron variant might lead to less severe forms of COVID-19 than feared. Omicron is a heavily mutated strain of the novel coronavirus. Amid the volatility, many investors sought shelter in Moderna and other vaccine stocks, on the belief that omicron fears would boost demand for new drugs designed to target emerging coronavirus strains.
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