Citi Downgrades Moderna to Sell, Forecasting 60% Downside Risk

Key Facts

1Citi analyst Geoff Meacham downgraded Moderna stock to 'sell' citing unsustainable valuation levels.

2Moderna shares have surged 223% since mid-August following positive cancer vaccine trial results.

Citi analyst Geoff Meacham downgraded Moderna stock to a 'sell' rating due to unsustainable valuation levels. Reuters reported that the bank forecasts a potential 60% drop in the share price, as the analyst believes the market capitalization and implied sales for the company's oncology programs are unjustifiably high.

Moderna (MRNA) closed at $203.46 on September 29, 2026, following a massive 223% surge since mid-August triggered by positive cancer vaccine trial results. Meanwhile, Citigroup (C) shares closed at $130.80 on September 29, 2026, having traded between a low of $130.07 and a high of $132.25 during that session.