Moderna Inc.'s stock plummeted 5.26% during intraday trading on Wednesday, extending a recent pullback as institutional bearish sentiment collided with significant profit-taking pressure.

The decline follows a substantial rally where the stock had surged over 18% in the prior week, driven by positive developments including unanimous FDA advisory committee support for its seasonal flu vaccine candidate. Market participants now widely regard these catalysts as fully priced into the stock.

Adding to the downward pressure, Bank of America maintained its Underperform rating on Moderna while raising its price target, though the revised target still implies more than 50% downside from current levels. The bank also noted that Moderna's upcoming second-quarter results may face increased scrutiny given the stock's year-to-date outperformance during ongoing drug launches.