Moderna, Inc. (NASDAQ:MRNA) shares plummeted 8.85% in Monday's trading session, as recent clinical setbacks overshadowed positive pipeline news. The biotechnology company's stock closed at $24.86, continuing a downward trend that has been troubling investors.

The sharp decline comes in the wake of Moderna's October 23 announcement that it was halting the Phase 3 trial for its cytomegalovirus vaccine, mRNA-1647, due to failure in meeting its primary efficacy endpoint. This setback prompted several analyst actions, including a target price cut to $40 by UBS and a more pessimistic $25 target from JPMorgan, which maintained an Underweight rating on the stock. The negative sentiment persisted despite Moderna's announcement on Monday that it had dosed the first patient in a Phase 1/2 study for mRNA-2808, its investigational T-cell engager for multiple myeloma.

Investors are now turning their attention to Moderna's upcoming earnings report, scheduled for Thursday. Consensus estimates project a quarterly loss of approximately $2.15 per share on revenue of about $860 million. The company's current momentum score stands at a low 12.67, according to Benzinga Edge Rankings, indicating a negative price trend for both medium and long term. As Moderna struggles to regain investor confidence, the market eagerly awaits the earnings report for further insights into the company's financial health and future prospects.