By Dhirendra Tripathi

Investing.com – Shares of companies making Covid vaccines were taking a knock in premarket trading a day after the U.S. Supreme Court blocked the Biden administration’s workplace vaccine-or-test mandate for larger private employers.

Novavax Stocks of (NASDAQ) took more than 10% loss. The company is more than a year behind bringing a vaccine to the market and is yet to seek FDA’s nod for emergency use. The WHO, E.U. and India have granted the approval.

BioNTech (NASDAQ) suffered a loss of 5% in comparison to its partner Pfizer (NYSE:), fell 1.6%. Moderna (NASDAQ:) was down 5.4% while Johnson & Johnson (NYSE:), the least affected since it draws only  minuscule revenue from the vaccines, shed 0.6%.

Conditions for companies with at least 100 employees would apply to an estimated 84,000,000 workers. The court ruled the administration didn’t have the unilateral power to impose a mandate that employers ensure their workers are vaccinated or tested every week to detect coronavirus.

This ruling is coming at a moment when the most contagious coronavirus variant, omicron has been causing record-breaking infections both in America and around the globe. New York Times reported that the average number of coronavirus cases in America has increased by 133% over the previous two weeks.

After keeping their offices closed for nearly two years, corporates are now opening up new workplaces. However, many of their employees remain hesitant to receive the vaccine.