Moderna, Inc. (MRNA) shares plummeted 5.03% in intraday trading on Wednesday, as investors reacted to potential changes in COVID-19 vaccine recommendations and a target price cut by analysts. The biotech company, known for its mRNA-based vaccines, faced pressure amid discussions by U.S. Centers for Disease Control and Prevention (CDC) advisers about narrowing the use of COVID booster shots.

The CDC's outside panel of experts raised the possibility of recommending updated COVID shots only for those at risk of severe disease, a shift from the current recommendation that everyone aged six months and older should receive an updated COVID shot. This potential change could significantly impact Moderna's vaccine revenue, which has already been declining. Analysts at Leerink Partners and Citi warned that a narrower recommendation would be risky for the already declining COVID vaccine revenues of Moderna and other vaccine makers.

Adding to the downward pressure, Leerink Partners cut Moderna's target price to $23 from $27, reflecting growing concerns about the company's near-term prospects. The stock's decline is part of a broader trend affecting vaccine manufacturers, with shares of Novavax and Pfizer also experiencing downward movements. As of the previous close, Moderna's stock had already declined approximately 37% year-to-date, highlighting the challenges facing the company in a post-pandemic market environment.