On Friday, Nasdaq Inc's (NASDAQ: NDAQ ) annual reconstitution of the Nasdaq-100 Index will become effective before the market opens on December 23 .
As a result, Moderna Inc. (NASDAQ: MRNA ) was removed from the index . Year to date, Moderna stock has plunged over 60%, with a 52-week low-high of $35.8-$170.47, as per data from Benzinga Pro .
Recently, Moderna and several other stocks witnessed a decline as Robert F. Kennedy Jr.'s, Donald Trump's nomination to lead the Department of Health and Human Services, is known to be against vaccines and has a track record of making false claims about vaccines .
Also Read: Moderna Remains Confident Despite Political Concerns Over Vaccine Safety and HHS Nomination
The company has witnessed a decline in its only approved product, Spikevax, the COVID-19 vaccine .
However, Moderna witnessed some relief on higher third-quarter sales attributed to higher sales in the U.S. market following the earlier launch of the updated COVID-19 vaccine .
Moderna unveiled key updates at its annual R&D Day in September, spotlighting its mRNA-based pipeline and revised financial plans .
Faced with commercial challenges, Moderna is adopting a more selective approach to R&D investments. The company anticipates maintaining substantial R&D investment, especially in oncology and rare diseases, while pacing other expenditures.
Moderna is also facing several litigations, including the recently announced patent infringement lawsuit filed by Northwestern University. The lawsuit alleges that the pharmaceutical company used the university's lipid nanoparticle (LNP) technology without permission to develop its COVID-19 vaccines.
GSK Plc (NYSE: GSK ) also filed a lawsuit alleging that Moderna's mRNA vaccines infringe on patents it developed .
Price Action: MRNA stock is down 1.04% at $41.40 at the last check on Monday.
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This article What's Going On With Moderna Stock On Monday? originally appeared on Benzinga.com
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