Pfizer shares drop 4.5% as Moderna says its vaccine can be stored in fridge

Pfizer’s shares fell as much as 4.5% on Monday after rival Moderna said its experimental COVID-19 vaccine, which is 94.5% effective, can be stored at normal fridge temperatures of 2-8°C for 30 days and for up to 6 months at -20°C. Pfizer’s vaccine, which is over 90% effective, must be stored at -70°C. Moderna’s stock jumped 10% on the news.

Moderna shares were up 9% after hitting a record high earlier on Monday, while shares in British drugmaker AstraZeneca (AZN.L), which is yet to release results from its late-stage vaccine trials, were down 0.9%.