Moderna, Inc. (NASDAQ: MRNA) experienced a significant 24-hour plunge of 6.61% in the latest trading session, continuing a trend of decline that has plagued the biotech company in recent weeks. This drop comes amidst broader market turbulence and growing concerns about the company's future growth prospects.

The recent decline in Moderna's share price can be attributed to several factors. First, the overall market volatility has particularly affected biotech stocks, with investors pulling back from riskier investments. Additionally, there are persistent concerns 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, returning less than the industry's 14.6% decline and lagging behind the market's 3.4% drop.

Analysts' forecasts for Moderna's future financial performance are adding to investor unease. With profitability not expected within the next three years, there are lingering worries about declining COVID-19 product sales and increased operational costs. However, it's worth noting that the current share price is trading at a significant discount compared to the average analyst price target. This suggests 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, investors will be closely monitoring its progress in expanding its product pipeline and improving its financial outlook.