Why Moderna Stock Dropped Today
Shares of Moderna (NASDAQ: MRNA) fell 5.6% on Friday, following bearish analyst commentary.
SVB Securities analyst Mani Foroohar placed an underperform rating on Moderna's stock. He now sees the biotech's share price falling roughly 33% to $93.
Foroohar believes Moderna's recently released fourth-quarter results and guidance for 2023 show that the pandemic-driven surge in the company's sales and profits is ending. He also fears that Moderna's rising costs will eat into its profit margins.
Source Fool.com
