Using your race horse analogy, if you bet on Pfizer or Moderna at this point, you have a good chance of hitting the board and getting a check. A lot of favorites in the mutuel system pay $2.20 or $2.40 for a $2 dollar bet.
CYDY may have longer odds, but that's the way I like to bet. I may look at a horse and rate his chances of winning at 5-1, but he may be 10-1 on the board. You have to take those odds if you are looking for long term success. Betting chalk feels good when you cash a ticket, but it can bleed you dry when it misses.
Of course when I'm at the track, I'm betting $50 or $100, not like the wagers I"m placing here. Also, this is potentially a race we don't have to "win". Place and show for a longshot can be profitable.