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We recently published a list of These 10 Stocks Were Wednesday’s Worst Performers. In this article, we are going to take a look at where Moderna, Inc. (NASDAQ:MRNA) stands among Wednesday’s worst-performing stocks.
The stock market declined on Wednesday, with all major indices finishing in the red, driven by losses in technology stocks.
The Nasdaq dropped 0.51%, while the S&P 500 and Dow Jones fell 0.47% and 0.31%, respectively.
Ten companies, mostly from the technology sector, led the downturn. In this article, we will highlight the biggest decliners and examine the factors driving their performance.
To identify Wednesday’s biggest losers, we focused on stocks with a market capitalization of at least $2 billion and a daily trading volume of over $5 million.
A scientist surrounded by vials and beakers in a modern laboratory, proudly displaying a vaccine.
Moderna, Inc. (NASDAQ:MRNA)
Pharmaceutical giant Moderna, Inc. (NASDAQ:MRNA) saw its share prices drop by 9.39 percent on Wednesday to close at $40.72 each after investment banking firm Goldman Sachs downgraded Moderna’s outlook and price target, citing concerns about revenue visibility.
On Wednesday, Goldman Sachs downgraded Moderna’s stock rating to “neutral” from “buy,” saying that the negative revisions to product revenue guidance suggest that the biotechnology company has limited visibility into the sales trajectory of its respiratory vaccine business. Moderna (NASDAQ:MRNA) earlier projected revenues for fiscal year 2025 to settle between $1.5 billion and $2.5 billion.
While recognizing that products in Moderna’s pipeline could contribute to sales in the medium term, including the individualized neoantigen therapy in partnership with Merck, as well as Phase 1/2 cystic fibrosis data in partnership with Vertex Pharmaceuticals, Goldman Sachs said high levels of operating expenses were an additional concern.
Overall, MRNA ranks 5th on our list of Wednesday’s worst-performing stocks. While we acknowledge the potential of MRNA as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MRNA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.