Moderna, Inc. (NASDAQ: MRNA) experienced a significant 24-hour plunge of 6.61% on Monday, exacerbating the downward trend that has been affecting the biotech company in recent weeks. This sharp decline comes amid broader market turbulence and growing investor concerns about the company's future growth prospects.

The recent drop in Moderna's share price can be attributed to several factors. First, the overall market volatility has particularly impacted biotech stocks, with investors retreating from riskier investments. Additionally, there are persistent worries about Moderna's ability to diversify beyond its COVID-19 products, which have been the primary driver of its revenue. The company has underperformed both the US Biotechs industry and the broader US market over the past year, further fueling investor unease.

Analysts' forecasts for Moderna's future financial performance are also contributing to the sell-off. With profitability not expected within the next three years and concerns about declining COVID-19 product sales and increased operational costs, investors appear to be reassessing their positions. However, it's worth noting that the current share price is trading at a significant discount compared to the average analyst price target, suggesting potential upside if Moderna can successfully achieve its revenue diversification goals and navigate approval hurdles for new vaccines in diverse therapeutic areas. As the company continues to face these challenges, market participants will be closely monitoring its progress in expanding its product pipeline and improving its financial outlook.