On September 30, Moderna, Inc. fell 8.08% in regular trading, trading at $188.99/share, with turnover of $423 million. The decline was directly triggered by Citi downgrading Moderna from Neutral to Sell.

The downgrade comes after Moderna's stock had surged over 100% in the past month, fueled by positive Phase 3 clinical data for its personalized cancer vaccine intismeran autogene developed in partnership with Merck. However, the current share price sits significantly above the Wall Street consensus target price of $112.72, highlighting a widening valuation disconnect. Notably, Rothschild & Co Redburn had already downgraded Moderna to Sell in early September with an $81 price target, making Citi the second major firm to issue a bearish call in recent weeks.

Separately, Moderna announced the appointment of Juan Andres as its first Chief Operating Officer, effective October 5, as the company prepares for the commercial launch and scaled manufacturing of its cancer vaccine pipeline alongside its expanding portfolio of five approved infectious disease vaccines.

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