Why Moderna Stock Dropped Today

Shares of Moderna (NASDAQ: MRNA) fell 6.2% on Wednesday after the Biden administration said it would support easing patent protections on coronavirus vaccines. Many countries have been unable to obtain enough vaccine doses to slow the spread of COVID-19. With their case counts surging, leaders in countries such as India and South Africa have requested a waiver on intellectual property protections in order to boost the production of these life-saving drugs around the world.