Moderna Stock Drops After Analyst Downgrade on Valuation Concerns

Moderna (MRNA) stock fell 2.9% on September 4, 2026, after analyst Simon Baker of Rothschild & Co Redburn downgraded the company to Sell from Neutral, citing valuation concerns and setting an $81 price target, implying 46% downside. The downgrade followed positive Phase 3 trial results for Moderna's cancer vaccine candidate, intismeran autogene, combined with Merck's Keytruda. While Baker called the melanoma data "undoubtedly good," he argued the stock's "overexuberant reaction" was unjustified, though shares later trimmed losses to $146.24. Moderna's stock has been highly volatile, with 54 moves greater than 5% in the past year, and is up 374% year-to-date. However, it remains 16.1% below its 52-week high, and a $1,000 investment five years ago would now be worth only $351.