Vaccine Stocks Slip Fourth Day in a Row. Here’s Why.

Vaccine stocks were still sliding Wednesday, four days after U.S. drug giant Merck said its Covid-19 antiviral pills cut hospitalization or death by approximately 50%.

Investors received Merck’s (ticker:MRK) news with rotund optimism, buoyed by the prospect of a pandemic panacea. But that same optimism has prompted markets to pull back from vaccine stocks that were otherwise coasting steadily higher.

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