Citi Downgrades Moderna to Sell, Cites Overvaluation After 500% Rally

Citi downgraded Moderna (MRNA) to "sell" on Wednesday, September 30, 2026, telling clients the stock's "outsized" rally this year has left it overvalued. Shares fell 6% to $192 in recent trading. The stock has surged over 500% in 2026, ranking as the second-best performer in the S&P 500 behind Sandisk (SNDK). Most gains followed promising results announced last month from a clinical trial of a skin cancer vaccine, which sent shares nearly tripling in a single session. Citi analysts said the price "now reflects successful expansion in many tumor types and unrealistic implied sales," adding they "struggle to justify" the valuation against rivals or its pipeline's net present value. Citi's Street-low $80 target implies a nearly 60% drop from Tuesday's close. The Visible Alpha consensus sits at $129. Moderna has cut costs since waning COVID vaccine demand drove shares down from 2021 highs. Despite recent gains, the stock remains roughly 40% below its 2021 record.