The shares of major Covid vaccine makers fell Monday as the United States emerged from an unprecedented wave of Omicron infections, with cases dropping rapidly across the nation.

ModernaMore than 12 percent of the stock market fell. The company’s stock decline was the largest in the S&P 500 Monday afternoon. PfizerIts partner was up more than 2% BioNTechThe decline was almost 9% NovavaxMore than 10% of the population fell. Johnson & JohnsonWas down by more than 11%

The Financial Times’ chief medical adviser to the White House, Dr. Anthony Fauci said last week that the United States is now out of the “fullblown pandemic phase” of Covid-19. Data compiled by Johns Hopkins University showed that the U.S. experienced a 7-day average of approximately 175,000 Covid new cases per day, a drop of 42% from the previous week. On Jan. 15, the average number of cases reported was more than 800,000.

Moderna’s Covid is its only commercial product. Moderna’s only commercial product could be affected by the slowing of vaccine demand as the pandemic recedes.

About 64% of the U.S. population is fully vaccinated with two shots of the Pfizer or Moderna vaccines or one dose of Johnson & Johnson, Centers for Disease Control and Prevention data shows. Vaccinations are continuing to be administered, but the rate of vaccination is declining.

Just over two months passed before the U.S. reached 60%. The U.S. has not reached 60% since Dec. 6.

Covid vaccinations spiked in December as states confirmed their first cases of the omicron variant, but have since fallen off. In the week ending September 30, the U.S. gave an average of 443,000 shots daily, according to new data. CDC data available as of Feb. 8, down from a December high of more than 1.7 million shots per day and peak levels of nearly 3.5 million shots per day in April.

Friday’s denial by the Food and Drug Administration of plans for fast-track approval of Pfizer and BioNTech’s Covid vaccines for children below 5 years old was a result. The FDA originally intended to approve the two first doses of the eventual three-dose vaccine this month. Pfizer, FDA and others said they would now wait to see data on the third dose until April.

BioNTech and Pfizer are working together to develop a Covid vaccine for the omicron strain. Albert Bourla, the CEO, has indicated that an omicron shot is expected to be in place by March. It’s unclear though if additional vaccines will be necessary if these cases persist. Moderna also began clinical trials of an omicron specific booster shot.

Novavax has yet to be approved by the FDA for its vaccine. Novavax’s vaccine will not be approved by the FDA until there is a greater demand in America for its products.

Moderna CEO Stephane Bancel has also sold 19,000 shares company shares, amounting to $2.9million. After two years of inactivity, he deleted his twitter account, raising concerns about the social networking site. According to securities filings, Bancel is able to sell the same number of shares each week.