Why Moderna, Vaxart, Inovio, and BioNTech Stocks Dropped Today

In hearings that took place this week, lawmakers grilled drug companies on their pricing plans for their potential vaccines, with some going so far as to ask executives at companies including Moderna, Johnson & Johnson, and AstraZeneca if they would supply their vaccines at cost. "We will not sell it at cost, no," Moderna President Dr. Stephen Hoge said during a congressional hearing on Tuesday. While executives from other pharmaceutical companies also largely declined to agree to provide their potential vaccines at prices that would provide them with zero profits, the pressure from Congress to do so appears to be rising.