Moderna stock sinks as Wall Street turns cautious following blistering rally

What happened: Moderna (MRNA) stock tanked 9% on Friday.

What’s behind the move: The biotech giant sank as investors took profits and Wall Street grew cautious on the stock’s blistering rally of more than 600% year to date.

Goldman Sachs (GS) raised its target on the stock to $137 from $120 on Thursday while maintaining a Neutral rating, implying a more than 40% drop from current levels.

Morgan Stanley (MS) also has a Neutral rating, with a price target of $95. Meanwhile, Citi (C) analysts set an $80 target and a Sell rating on the stock last month, given its rapid run this year.

Wall Street is mostly neutral on the stock with 16 Hold, 5 Buys, and 4 Sell ratings.

214.13 -22.37 (-9.46%)

As of 12:33:43 PM EDT. Market Open.

What else you need to know: Shares of the biotech company rallied this year as the company is no longer valued solely on its declining COVID-19 vaccine business, but increasingly on its potential to become a major player in cancer treatment.

In August, Moderna announced positive Phase 3 results for its personalized cancer vaccine, developed in partnership with Merck (MRK), helping drive a sharp rally in the stock.