SoFi CEO enters prepaid forward contract on 1.5 million shares
Investing.com -- Moderna (NASDAQ: NASDAQ:MRNA) stock declined 4.9% and BioNTech SE (NASDAQ: NASDAQ:BNTX) shares fell 1.5% following the Senate Finance Committee’s vote to advance Robert F. Kennedy Jr.’s nomination for Secretary of Health and Human Services to the full Senate.
The movement in stock prices comes amid concerns from health groups, Democrats, and some Republicans regarding Kennedy’s stance on vaccines. Kennedy has been a prominent figure in the anti-vaccine movement, raising doubts about vaccine safety and efficacy, despite his denial of the anti-vaccine label. His potential confirmation as head of the department that oversees the FDA and healthcare programs has sparked unease among investors in vaccine manufacturers.
The Senate Committee on Finance’s decision on Tuesday to support Kennedy’s nomination has led to speculation about the future of vaccine policies in the United States. If confirmed, Kennedy would be responsible for an agency that manages over $3 trillion in healthcare spending and provides health insurance to more than 140 million Americans.
Republican committee member Bill Cassidy, a medical doctor, was a pivotal vote after expressing his struggle with the decision during a confirmation hearing. Despite opposition, Cassidy ultimately supported Kennedy, citing commitments from the administration on health and policy issues.
Kennedy’s confirmation requires the support of at least 50 senators, with Vice President JD Vance potentially casting a tie-breaking vote. The Republican-controlled Senate has yet to reject any of Trump’s nominees, including the recent narrow confirmation of defense secretary Pete Hegseth, which required Vance’s intervention.
The decline in Moderna and BioNTech stock reflects investor apprehension about the potential impact of Kennedy’s confirmation on the vaccine industry. The market’s response indicates concerns over possible changes in vaccine policies and regulations that could affect these companies’ operations and revenue.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.