Several leading coronavirus vaccine stocks were sinking today after Moderna(NASDAQ:MRNA)announced interim efficacy results for its COVID-19 vaccine candidate mRNA-1273. Shares of Pfizer(NYSE:PFE) were down 3.9% as of 11:19 a.m. EST on Monday. Meanwhile, BioNTech(NASDAQ:BNTX) and Novavax(NASDAQ:NVAX) stocks were falling 13.2% and 10.6%, respectively.

Investors seem to be viewing the coronavirus vaccine market as a zero-sum game where some vaccines lose when another vaccine wins. That's likely a faulty premise, though. 

Moderna's news was certainly very good. The company announced an efficacy of 94.5% for mRNA-1273 with no significant safety concerns. CEO Stephane Bancel also stated that the interim results gave the first clinical validation that the experimental vaccine could prevent severe cases of COVID-19.

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