BUZZ - Citi downgraded Moderna to "Sell", causing its stock price to fall

September 30 - ** Biotechnology company Moderna (MRNA.O) shares dropped 6.2% in pre-market trading to $190.89

** Citigroup downgraded Moderna (ticker: MRNA) from "Neutral" to "Sell," stating that market optimism for the company’s anti-cancer drug has already been fully reflected in the share price

** The brokerage said the stock’s revaluation reflects potential expansion into multiple tumor types and unrealistic implied sales expectations

** Citigroup stated that the current valuation of the stock lacks basis and presents a negatively skewed risk-reward profile

** Citigroup raised the MRNA price target from $60 to $80, which still implies a downside of nearly 61% from the company’s most recent closing price of $203.46

** As of the previous trading day’s close, MRNA's share price has risen about sevenfold this year

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