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Moderna shares drop 7% despite a recent Wolfe Research upgrade, while BioNTech slips 2%
Moderna (NASDAQ:MRNA) stock fell 7% to $148.02 midday Wednesday, giving back a large portion of Tuesday's 14% rally that followed Wolfe Research's upgrade to Peer Perform from Underperform. BioNTech SE (NASDAQ:BNTX) stock also declined 2% to $111.60, suggesting the selloff is largely Moderna-specific. No fresh company news was available to explain Moderna's slide, which appears to be profit-taking after a significant year-to-date surge.
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Previous: D-Wave (QBTS) stock fell 8% intraday after the company announced that CFO John Markovich will retire; other stocks in the quantum computing sector were dragged down, with IonQ (IONQ) falling 3% and Rigetti (RGTI) falling 5%.
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Next: Oil prices fell on Wednesday, with Brent crude down 0.8% to $87.87, as Iran and Oman made progress on an agreement for passage through the Strait of Hormuz.
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