The death toll for the coronavirus had climbed over 130 in early morning hours on January 29. China has tightened travel restrictions to contain the virus which initially broke out in Wuhan.
Nonetheless, coronavirus cases have been reported in the United States, Canada, France, Germany, Japan, and several other countries.
Information on the outbreak is sparse and often unreliable at this early stage. Because of this, investors should exercise patience and rely on trusted sources.
There have been broader moves in the market because of the outbreak, and panic has driven oil prices down sharply this week. Some biotech stocks have also experienced an increase in activity as investors hope for the possibility of a vaccine breakthrough.
Moderna (NASDAQ:MRNA) is a Massachusetts-based biotechnology company. The company recently received a grant from the Coalition for Epidemic Preparedness Innovations (CEPI) to work on developing a vaccine.
Modern currently has five vaccines under development. Its stock has climbed 6.7% over the past week, but shares fell 1.6% in trading yesterday.
Inovio Pharmaceuticals (NASDAQ:INO) is a Pennsylvania-based biotech company. For years its focus has been on infectious diseases. However, it does not yet have an approved drug on the market.
Shares of Inovio have surged 22% over the past week. The stock did plunge 18% yesterday, so investors should take care not to burn themselves as these biotech stocks are certain to experience volatility in this extraordinary environment.
