The Globe and Mail reports in its Thursday edition that one glance at Moderna's stock chart can tell you the story of the COVID-19 pandemic. The Globe's Tim Shufelt writes that Moderna is down 85 per cent from its peak, when everyone was lining up for the company's COVID-19 vaccinations. On Wednesday, it closed at $76.35 -- almost exactly where it was trading three years ago (all figures U.S.). More than any other, Moderna was a pure play on COVID-19 vaccines. When the pandemic hit, Moderna was a 10-year-old development stage company with no approved drugs and a market capitalization of under $10-billion. Its vaccine immediately thrust Moderna into the ranks of Big Pharma. Within 18 months, the company was valued at close to $200-billion. By mid-2021, the turning point was in, and the pandemic trade has been receding ever since. The minds of health care investors have instead shifted to weight-loss drugs. Demand for COVID-19 vaccines, meanwhile, has plunged. Pfizer expects a COVID-19 vaccination rate of about 24 per cent this year in the U.S., which is about half the typical rate for seasonal influenza. On Tuesday, the company announced it was cutting 500 jobs in Britain as part of a $3.5-billion cost-cutting effort.