Citi’s Geoff Meacham has downgraded Moderna (MRNA) to sell, flagging a 60% decline in the share price over the next 12 months.
The move follows a sharp rally that began in mid‑August, when the biopharma’s stock surged on pipeline optimism and vaccine demand.
Meacham cited mounting valuation pressure and a softer demand forecast for Moderna’s next‑gen vaccines as the key catalysts for the downgrade.
Investors are recalibrating expectations ahead of the company’s Q4 earnings on October 15, when analysts will look for a modest revenue contraction.