Moderna, Novavax Shares Plunge After FDA Official’s Resignation

The forced resignation of FDA vaccine regulator Peter Marks has rattled Big Pharma investors, leading to a sharp decline in shares of Moderna and Novavax.

Novavax fell approximately 7% at one point. I Photo: Toriino7 Wikimedia Commons

Marks’ departure comes amid a sweeping overhaul of the Department of Health and Human Services (HHS), led by vaccine skeptic Robert F. Kennedy Jr.

Key personnel changes within federal public health agencies have shaken investor confidence in vaccine manufacturers. Shares of Moderna and Novavax plunged following the recent announcement that Marks would step down from his position, Fortune’s Sasha Rogelberg reported.

By the following week, Moderna’s share price had dropped more than 12%, while Novavax fell approximately 7%.

As head of the FDA’s Center for Biologics Evaluation and Research, Marks played a pivotal role in regulating and approving vaccines and other treatments, including gene therapies.

During President Donald Trump’s first administration, he was credited with coining the name and concept of Operation Warp Speed, the initiative that accelerated the development of COVID-19 vaccines.