What happened: Moderna (MRNA)Â stock tanked 9% on Friday.
What’s behind the move:Â The biotech giant sank as investors took profits and Wall Street grew cautious on the stock’s blistering rally of more than 600% year to date.
Goldman Sachs (GS) raised its target on the stock to $137 from $120 on Thursday while maintaining a Neutral rating, implying a more than 40% drop from current levels.
Morgan Stanley (MS) also has a Neutral rating, with a price target of $95. Meanwhile, Citi (C) analysts set an $80 target and a Sell rating on the stock last month, given its rapid run this year.
Wall Street is mostly neutral on the stock with 16 Hold, 5 Buys, and 4 Sell ratings.
213.00 -23.50 (-9.94%)
As of 11:40:15 AM EDT. Market Open.
What else you need to know: Shares of the biotech company rallied this year as the company is no longer valued solely on its declining COVID-19 vaccine business, but increasingly on its potential to become a major player in cancer treatment.
In August, Moderna announced positive Phase 3 results for its personalized cancer vaccine, developed in partnership with Merck (MRK), helping drive a sharp rally in the stock.
Ines Ferre is a senior business reporter for Yahoo Finance.
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