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Moderna Shares Slump As Citi Downgrades To 'Sell’ After Cancer Vaccine Rally

On Wednesday, Citigroup downgraded Moderna to Sell from Hold, with analyst Geoff Meacham raising his price target to $80 from $60, implying 60% downside from Tuesday's close.
Moderna shares had climbed nearly 590% in 2026 heading into Wednesday, fueled by investor optimism surrounding intismeran autogene, an experimental personalized cancer vaccine developed with Merck's Keytruda.
Meacham wrote that Moderna's ~$80B market cap assumes "aggressive implied sales," requiring nearly $26B in annual oncology sales—nearly 7x his model—to justify current valuations.
Moderna stock fell nearly 6% in premarket trading Wednesday following the downgrade, while peers Merck and Pfizer remained comparatively subdued amid the company-specific catalyst.
Investors await additional intismeran data at the European Society for Medical Oncology meeting in late October to test valuation expectations. Currently, 15 of 24 analysts rate the stock as a buy.

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