Biden’s IP pledge sinks vaccine makers’ shares

The Biden administration’s decision to support a WTO waiver of IP protections for COVID-19 vaccines led to an abrupt dive around 3:00 p.m. Eastern time for shares of vaccine developers such as Moderna and BioNTech as well as biotech indexes.

Moderna Inc. (NASDAQ:MRNA), which had been trading around its opening price of $178.10 most of the day, lost about 12% of its value before climbing back to end the session at $162.84, down 6% from Tuesday's close...