Shares of Moderna, Inc. (MRNA) plummeted 5.15% during intraday trading on Friday, as investors grew increasingly cautious ahead of the company’s second-quarter earnings report expected on July 31.

The sell-off was fueled by a downbeat analyst note from Barclays, which reaffirmed a Hold rating with a price target of $48.00—well below the stock’s trading level at the time. Broader market sentiment echoed this caution, with FactSet data showing a consensus analyst target price of $52.16, also trailing the current share price. Market consensus forecasts a Q2 loss of $1.97 per share, reflecting ongoing pressure from revenue seasonality and elevated R&D costs.

Additional headwinds include mixed views from major banks: Goldman Sachs maintains a Neutral rating with a $67 target, while Bank of America holds an Underperform rating with a $38 target. Analysts have also flagged concerns that profit recovery could lag expectations due to inventory and capacity utilization challenges, limited expense reduction potential, and uncertain timelines for new product commercialization. The cautious institutional positioning overshadowed recent positive regulatory news for Moderna’s flu vaccine candidate mRNA-1010, leaving near-term earnings visibility constrained.