Why Moderna Stock Is Slipping Today
Shares of Moderna (NASDAQ: MRNA) were slipping 5.8% as of 10:52 a.m. EDT on Tuesday. The decline came after Bank of America analyst Geoff Meacham wrote to investors that the stock's valuation has gone "from unreasonable to ridiculous." Meacham reiterated an underperform rating for Moderna with a price target of $115, roughly 75% below the current price of the biotech's shares.
Does one analyst's opinion matter all that much? Not really. However, it's prudent to understand the reasoning behind analysts' views.
Moderna now has a market cap of more than $185 billion with the vaccine stock soaring more than 340% so far this year. That makes Moderna bigger than several biopharmaceutical companies with higher sales and earnings.
Source Fool.com
