Moderna stock just crashed 21% in a day; Here’s why

Moderna (NASDAQ: MRNA ) stock experienced a brutal 24 hours of trading, dropping 17.57% from $245.81 to $202.63 on October 22, and extending the losses by another 4.40%, falling to $193.71 by press time in the Friday pre-market. The sudden MRNA share price downturn appears to have been driven by two key factors. First, the early results for the company’s Phase 3 study for its personalized cancer – melanoma primarily – vaccine briefly leaked. Second, several notable Wall Street firms revised their price targets and ratings of Moderna stock, with Citi’s (NYSE: C ) ‘Sell’ recommendation and $80 forecast arguably being the most impactful.

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