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Why Moderna Stock Is Crashing Today

TheMotleyFool

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Shares of vaccine specialist Moderna (NASDAQ: MRNA) are under enormous pressure Tuesday morning following a sizable downgrade from SVB Leerink. Citing competitive pressures in the COVID-19 vaccine space, the investment firm lowered its 12-month price target on Moderna's shares to $41 from $58.

Basically, Leerink is calling for Moderna's shares to fall by a hefty 34% compared with where they closed last Friday. In response, the biotech's stock is off by a noteworthy 11.4% as of 9:47 a.m. EDT Tuesday.

Image source: Getty Images.

Source Fool.com

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