Citigroup downgrades Moderna stock to Sell from Hold

Published on 10/15/2026 at 10:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Citigroup raised its target from USD 60.00 to USD 80.00 on October 14, 2026. Moderna stock trades at EUR 199.24 on October 15, 2026.

Results and valuation

Citigroup changed Moderna's rating to Sell and raised its target to USD 80.00 from USD 60.00 on October 14, 2026.
Moderna reported USD 145.0 million in second-quarter revenue and a USD 782.0 million GAAP net loss.
Moderna stock traded at EUR 199.24 at 10:41 a.m. CEST at Lang & Schwarz on October 15, 2026.

Aquarellmalerei der Cambridge-Skyline mit modernen Forschungsgebäuden am Charles River — Moderna Inc. (US60770K1034) präsentiert eine stimmungsvolle Aquarell-Ansicht der Cambridge-Skyline mit modernen Biotech-Forschungsgebäuden am Flussufer, Illustration mit AI erstellt.

Moderna Inc. (ISIN US60770K1079) faced a fresh valuation test after Citigroup downgraded the biotechnology company to Sell from Hold and raised its price target to USD 80.00 from USD 60.00 on October 14, 2026, according to Ground News. The report said the target implied 60.00 percent downside from the prior US closing price.

Citigroup questions oncology valuation

Citigroup analyst Geoff Meacham argued that Moderna's valuation assumes aggressive oncology sales. The report said the company would need nearly USD 26.0 billion in annual oncology revenue to support the valuation, compared with Citigroup's model, according to Ground News.

Three events shape the story

On July 31, 2026, Moderna reported second-quarter revenue of USD 145.0 million, a GAAP net loss of USD 782.0 million and GAAP diluted loss per share of USD 1.97, according to Moderna. On October 1, 2026, Nasdaq announced that Moderna would join the Nasdaq-100 Index and replace Warner Bros. Discovery, according to Finanznachrichten. On October 13, 2026, Moderna announced that it would report third-quarter results on November 6, 2026, according to Morningstar.

What does the second-quarter loss mean?

The second-quarter figures show the pressure still facing Moderna's established vaccine business. Revenue increased 2.10 percent from the second quarter of 2025, while the USD 782.0 million net loss narrowed 5.20 percent from the prior-year loss, according to Simply Wall St. Management reiterated its expectation for 2026 revenue growth of up to 10.00 percent and projected year-end cash and investments of USD 4.7 billion to USD 5.2 billion.

Trading follows the valuation reset

Moderna stock was trading at EUR 199.24 at Lang & Schwarz on October 15, 2026 at 10:41 a.m. CEST. Its primary listing is on Nasdaq, where the October 14, 2026 close was USD 216.25; the current market capitalization was USD 90.3 billion and the 52-week range was USD 22.28 to USD 227.46.

The further course of trading is shown by the continuously updated real-time quote of Moderna stock.