President-elect Donald Trump on Thursday announced that Robert F. Kennedy Jr. would be nominated as the Secretary of the Department of Health and Human Services, sharing the news on Truth Social.
Kennedy, previously an independent presidential candidate, has been a controversial figure due to his outspoken stance on vaccines and health policies.
The announcement had an immediate impact on markets, particularly affecting pharmaceutical companies.
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Novavax (Nasdaq: NVAX) and BioNTech (Nasdaq: BNTX) saw significant declines, both closing down more than 7%. Novavax shares dropped to $7.22, while BioNTech’s fell to $103.56. Moderna (Nasdaq: MRNA) also suffered, ending the day down 5.6% at $39.77 — the company’s lowest point this year.
Sanofi (Nasdaq: SNY) saw a decrease of 3.4% to $47.82, continuing a downward trend since last month’s disappointing earnings report. Pfizer (NYSE: PFE), though experiencing smaller losses, still closed down 2.6% at $26.02.
The biotech sector has struggled throughout the year, with Moderna experiencing the steepest decline among its peers, dropping over 60% since January.
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