Citi Downgrades Moderna to Sell, Sees Shares Falling 60%
Analyst Geoff Meacham cut his rating on the biotech company after a rally that began in mid-August.
Written by EGazette’s AI. The facts are drawn from cited sources; the analysis is the AI’s own.
Citi has downgraded Moderna to a sell rating, with analyst Geoff Meacham forecasting the biotech company's shares could fall by as much as 60% from current levels, according to CNBC.
The downgrade follows a rally in Moderna's stock that began in mid-August, during which shares in the company climbed significantly before the new rating from Citi.
A sharply different outlook
Meacham's downgrade marks a notably bearish turn in sentiment toward Moderna, coming after weeks of gains for the stock. The scale of the projected decline, roughly 60%, would represent a significant reversal from the recent upward trend.
CNBC's report did not detail the specific factors Meacham cited behind the downgrade beyond the shift from a more positive rating to sell, nor did it specify a new price target.
The downgrade adds Citi's voice to the broader debate among analysts over Moderna's valuation following its recent run-up, with the sell rating standing in contrast to the stock's performance since mid-August.
Sources
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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