Moderna (MRNA) shares fell sharply on Friday, July 10, declining by as much as 12%. The drop was primarily triggered after JPMorgan reaffirmed its "Sell" rating on the company and listed it as a stock to short heading into the third quarter.
The analyst report suggested that the stock's significant rally in 2026 had already priced in potential success from its pipeline, including its personalized melanoma cancer treatment developed with Merck. The decline also occurred amid a broader biotech sector sell-off, with investors taking profits after a period of strong performance in the industry.