These 10 Stocks Were Wednesday’s Worst Performers

5. Moderna Inc. (NASDAQ:MRNA)

Pharmaceutical giant Moderna 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 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.