Citi now sees the stock potentially plunging 60% and estimates that even a 100% success rate for lead programs would support a price of only about $100 per share. Despite the downgrade, the bank believes intismeran could become a leading melanoma treatment, though it noted that investors must now see strong efficacy and consistency across various patient groups.
Wednesday, October 21, 2026
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Citi Downgrades Moderna to Sell After 222% Stock Rally
US Markets21 days ago
Moderna shares fell 7.1% in premarket trading as investors weighed whether the company's current $80B market valuation remains sustainable. Citi lowered the biotechnology firm's rating to Sell from Neutral, arguing that a 222% rally since interim INTerpath-001 cancer trial results had pushed the stock too far. While the bank raised its price target to $80 from $60, it noted that justifying a $200 share price would require its drug intismeran to generate $26B in annual cancer sales, nearly 7x current forecasts.
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