Citigroup Downgrades Moderna to Sell on Cancer Vaccine Concerns
Moderna stock took a hit on Wednesday after Citigroup downgraded the biotech company to Sell from Hold. The analyst, Geoff Meacham, raised the price target to $80 from $60, but this is still far below Moderna's recent trading level of about $203.46.
The concern centers around intismeran autogene, Moderna's personalized cancer vaccine being developed with Merck's Keytruda. While the combination improved recurrence prevention in melanoma, detailed trial results have not yet been disclosed, leaving questions about its potential across other cancers.
Moderna's recent rally has pushed its valuation well ahead of what its pipeline can reasonably support, according to Citi. The company had climbed nearly 590% in 2026 heading into Wednesday’s session, outpacing the broader market and biotechnology benchmarks.