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Moderna Shares Slump As Citi Downgrades To 'Sell’ After Cancer Vaccine Rally
- On Wednesday, Citigroup downgraded Moderna to Sell from Hold, with analyst Geoff Meacham raising his price target to $80 from $60, implying 60% downside from Tuesday's close.
- Moderna shares had climbed nearly 590% in 2026 heading into Wednesday, fueled by investor optimism surrounding intismeran autogene, an experimental personalized cancer vaccine developed with Merck's Keytruda.
- Meacham wrote that Moderna's ~$80B market cap assumes "aggressive implied sales," requiring nearly $26B in annual oncology sales—nearly 7x his model—to justify current valuations.
- Moderna stock fell nearly 6% in premarket trading Wednesday following the downgrade, while peers Merck and Pfizer remained comparatively subdued amid the company-specific catalyst.
- Investors await additional intismeran data at the European Society for Medical Oncology meeting in late October to test valuation expectations. Currently, 15 of 24 analysts rate the stock as a buy.
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12 Articles
12 Articles
Moderna Sinks 6% on Citi Downgrade; Merck and Pfizer Stay Flat
Citigroup just slapped a Sell rating on one of 2026's most explosive biotech stocks, warning that soaring investor hopes around a cancer vaccine partnership with Merck have carried the valuation into dangerous territory.
·Lakewood, United States
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Coverage Details
Total News Sources12
Leaning Left1Leaning Right1Center5Last UpdatedBias Distribution72% Center
Bias Distribution
- 72% of the sources are Center
72% Center
14%
C 72%
14%
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