Moderna, Inc. (NASDAQ: MRNA) saw its shares plummet 5.89% during Monday's trading session, continuing a downward trend that has plagued the biotech company in recent weeks. This significant drop reflects growing investor concerns about the company's future prospects and broader market turbulence affecting the biotech sector.

The steep decline can be attributed to several factors weighing on 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, 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.