Covid fears can still inspire big market rallies for the mRNA pioneers — and fast fizzles

Covid made some biopharmas. Covid is killing some biopharmas. And despite the rapid crash and fall of the Omicron tsunami in the US, Covid can still shake up markets with all kinds of instant frothy excess.

This morning we got a look at the froth that can be stirred as fast as a gin fizz when it comes to Covid news. Shares of both Moderna $MRNA and BioNTech $BNTX, which each still have sizable market caps despite a freefall in recent months, soared on Monday morning. Even though they aren’t likely to pick up much in terms of extra sales in China, news of a big Covid spike in the country triggered a spark of that old market magic that once buoyed the industry.