Moderna, Inc. (MRNA) shares plummeted 5.01% during Tuesday's intraday trading session, reflecting negative investor sentiment following analyst actions.

BofA Global Research raised its price target on Moderna to $38 from $34 but maintained an Underperform rating on the shares, indicating continued cautious outlook despite the target increase. Analysts polled by FactSet give Moderna an average rating of hold with a mean price target of $50.53, significantly higher than BofA's revised target.

The maintained Underperform rating from a major financial institution like BofA, coupled with the discrepancy between its price target and the analyst consensus, appears to have contributed to the selling pressure on Moderna shares during the trading session.