Moderna Stock Takes a Hit After Strong Upgrade

Moderna stock fell 7% on Wednesday after a strong upgrade by Wolfe Research. The $59 billion market cap company's share price dropped to $148.02 despite no new announcements from Moderna.

This pullback raises questions about the valuation of Moderna, which has seen its stock soar 439% year-to-date. The company's revenue is only $145 million per quarter, and it posted a net loss of $1.97 billion in Q2 2026.

BioNTech also slipped 2%, but the decline was less severe than Moderna's. Wolfe Research upgraded Moderna to Peer Perform from Underperform on Tuesday, citing potential peak sales of $9.2 billion for its intismeran program with Merck.