Moderna, Inc. (MRNA) shares plunged 5.05% in pre-market trading on Thursday, following a significant price target cut by RBC Capital Markets. The investment bank lowered its target for Moderna from $40 to $32, while maintaining a Sector Perform rating on the stock.
The dramatic reduction in price target reflects growing concerns about Moderna's near-term prospects. This move by RBC aligns with the overall cautious sentiment among analysts, as FactSet reports that Moderna currently has an average rating of "hold" with a mean price target of $50.35.
The biotech company, known for its mRNA technology and COVID-19 vaccine, has been facing challenges as demand for coronavirus vaccines wanes. Investors are closely watching Moderna's pipeline and its ability to leverage its technology platform for other therapeutic areas. The sharp stock decline suggests that the market is adjusting its expectations for Moderna's future performance in light of the lowered price target.
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