On September 3, Moderna, Inc. fell 3.36% in pre-market trading, trading at approximately $145.7 per share, with turnover of approximately $20.69 million.
On the news front, Rothschild & Co Redburn downgraded Moderna, Inc. from Neutral to Sell, adjusting its price target to $81 from $40 — still well below the current stock price — becoming the first institution to issue a clear bearish signal in recent weeks. According to FactSet, Moderna, Inc. currently holds an average Wall Street rating of Hold with a mean price target of $108.
Meanwhile, the company recently priced $2.6 billion in zero-coupon convertible senior notes due 2032, upsized from an initially planned $2 billion. Arbitrage funds purchasing the convertible notes are required to short the common stock as a hedge, creating mechanical selling pressure that has not yet been fully absorbed and continues to weigh on the share price in the near term.
Notably, since mid-August, Moderna, Inc. had rallied sharply following the success of its Phase 3 melanoma cancer vaccine trial with Merck, with at least five institutions including Argus Research, Barclays, and JPMorgan upgrading ratings or raising price targets. However, overall Wall Street consensus remains at Hold, and the stock continues in a volatile repricing phase.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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