Moderna stock is falling faster than Covid vaccine effectiveness

I’m joking, kids! Nothing is falling faster than Covid vaccine effectiveness.

And unlike vaccine effectiveness, Moderna stock has a zero lower bound.

Still, these charts are stunning. Given that Moderna has close to $20 billion in vaccine sales baked in for 2022, a market cap of $58 billion suggests investors are moving closer and closer to assigning ZERO value to its mRNA technology going forward.

Sounds about right.