US Stock Market Move | FDA official resigns, Moderna (MRNA.US) drops nearly 9%

On Monday, vaccine giant Moderna (MRNA.US) and gene therapy company Sarepta Therapeutics (SRPT.US) both dropped nearly 9%, closing at $28.34 and $64.09 respectively. In terms of news, Dr. Peter Marks, an official from the Food and Drug Administration (FDA), announced his resignation. He led the FDA's Center for Biologics Evaluation and Research (CBER) and was one of the most well-known career officials within the FDA. As a key regulator in the biotechnology industry, Marks had a significant influence on the approval of gene therapy and vaccines. He has long supported expediting the approval process for rare disease drugs, helping many biotech companies bring innovative therapies to market. Additionally, Marks played an important role in the development of the COVID-19 vaccine. Due to concerns that Marks' departure may impact the FDA's future regulatory attitude towards innovative drugs, biotech investors' sentiment drastically worsened, leading to a sharp decline in related stocks. There is a general market worry that the FDA's policies regarding biologic product approvals may become more conservative, potentially affecting the pace of progress for gene therapy and vaccines in the future.