Moderna, Inc. (MRNA) saw its stock price plummet 7.67% during intraday trading, extending a multi-session pullback from recent highs.
The decline comes as Bank of America maintained its underperform rating on the stock with a target price of $38, representing a discount of more than 50% to the current share price. The bank also flagged that Moderna's upcoming second-quarter earnings release could face heightened market scrutiny, adding to investor concerns.
Market participants have largely priced in recent positive catalysts, including the FDA committee's unanimous support for Moderna's seasonal flu vaccine candidate. The combination of institutional bearishness and sustained profit-taking pressure following the stock's previous sharp rally continues to weigh on Moderna's shares.