Moderna, Inc. (NASDAQ: MRNA) shares are facing a steep decline, plunging 8.36% in pre-market trading on Monday. This significant drop continues the downward trend that has been plaguing the biotech giant in recent weeks, reflecting growing investor concerns about the company's future prospects and broader market turbulence.

The pre-market plummet can be attributed to several factors that have been pressuring Moderna's stock. First and foremost, there are persistent worries about the company's ability to diversify beyond its COVID-19 products, which have been the primary driver of its revenue. As the demand for COVID-19 vaccines wanes, investors are increasingly concerned about Moderna's capacity to maintain its growth trajectory. Additionally, the overall market volatility has particularly affected biotech stocks, with investors pulling back from riskier investments in the face of economic uncertainties.

Analysts' forecasts are adding to the bearish sentiment surrounding Moderna. With profitability not expected within the next three years and concerns about declining COVID-19 product sales coupled with increased operational costs, investors appear to be reassessing their positions. However, it's worth noting that some analysts still see 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 in the coming quarters.