Why did Moderna stock go down today? Bearish views pile up
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Losing as much as ~7%, Moderna (NASDAQ:MRNA) extended its week-long selloff into Monday's close as Wall Street became increasingly bearish on the COVID-19 vaccine maker.
More than 8.7M MRNA of the Cambridge, Massachusetts-based biotech have changed hands so far, compared to the 65-day average of ~3.3M as the stock reached its lowest level since November 2020.
Notwithstanding its Q2 beat, Moderna (MRNA) witnessed two downgrades at the hands of TD Cowen and Deutsche Bank last week over its full-year outlook.
The latest to issue a bearish thesis on the biotech is SVB Securities, which slashed its price target to a Street-low of $68 from $82 per share.
Maintaining his Underperform rating, SVB analyst Mani Foroohar cited concerns over the size of the company's operations, which he said could be unsustainable without a significant recovery in COVID vaccine demand.
If demand for COVID shots remains muted, the company "is a likely candidate for restructuring and headcount reduction," Foroohar warned.
Meanwhile, Moderna's (MRNA) German rival in the COVID vaccine space, BioNTech (BNTX), also cut its full-year outlook for expenditure on Monday following a ~95% YoY decline in Q2 topline.

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