Moderna, BioNTech lose nearly $60 billion in value in two-day drop

Moderna Inc. and BioNTech SE, the world’s leading Covid-19 vaccine makers, tumbled for the second day in a row, losing roughly $60 billion in combined market value as investors balked at the companies’ lofty valuations.
 

The declines deepened Wednesday with Moderna closing 16% lower and BioNTech dropping 14% as trading volume picked up. The stocks had soared more than 360% each this year through Monday, when both set record closing highs.

Wall Street has been divided on the stocks’ soaring prices, with more analysts grading the stocks a hold than recommending that investors buy. Bank of America Corp. analyst