The Food and Drug Administration (FDA) just approved the updated Omicron-adapted COVID-19 booster shots from Moderna (NASDAQ: MRNA) and the COVID-19 booster that Pfizer (NYSE: PFE) and BioNTech (NASDAQ: BNTX) collaborated on. While the news will certainly help the pharmaceutical companies' bottom lines, it's important to look deeper to see if any of these three stocks make a solid investment today. At first glance, Pfizer's stock appears to be a screaming deal.
Two candidates with loads of potential are Moderna (NASDAQ: MRNA) and Teladoc Health (NYSE: TDOC). Moderna's earnings soared over the past two years thanks to its blockbuster COVID-19 vaccine. Moderna has set out a plan that could result in $30 billion in sales down the road, which surpasses its peak of about $18 billion in coronavirus vaccine sales.
Shares of Moderna (MRNA) and Pfizer (PFE) are on the move after Pfizer CFO David Denton projected a COVID vaccination rate of only 24% this year in the U.S. The demand for COVID vaccinations has dwindled, with data indicating it's less than half of what is expected for flu shots. Despite Moderna's efforts to expand its business, it remains heavily reliant on COVID vaccinations and booster shots. Yahoo Finance's Seana Smith and Brad Smith discuss the details of how the declining demand for COVID immunizations could affect vaccine makers moving forward.