NEW YORK, Dec. 28, 2025, 5:56 a.m. ET — Market closed
Moderna, Inc. (NASDAQ: MRNA) heads into the final trading week of the year with investors balancing two competing narratives: a sharp post-holiday pullback in the latest session, and a broader push by the company to evolve from a COVID-era windfall into a multi-product vaccine and therapeutics platform.
With U.S. equity markets closed for the weekend, Monday’s session will reopen the conversation around whether Friday’s decline was simple year-end positioning—or the start of another volatility burst for one of biotech’s most heavily debated tickers.
Moderna stock recap: what happened in the last session
MRNA shares finished the most recent regular session (Friday, Dec. 26) at $31.20, down $1.55 (-4.73%), before edging slightly lower in extended trading to about $31.12 later that evening. [1]
Friday’s slide mattered less for the single day move than for what it did to the stock’s technical posture: it interrupted a recent rebound attempt and put traders back into “prove it” mode heading into the next open.
The freshest headlines (last 24–48 hours): technical tone shifts, but not a full “risk-on” signal
Newsflow over the past 24–48 hours has been relatively light on major corporate catalysts, but stock-focused coverage turned more constructive on relative performance.
Investor’s Business Daily reported Friday that Moderna’s Relative Strength (RS) Rating—its proprietary measure of 12-month price performance versus the broader market—rose to 73 from 67. IBD also noted that “80+” is typically where many institutional-grade leaders start to separate, implying Moderna is improving but not yet flashing the strongest momentum profile. [2]
Earlier in the week, IBD also highlighted a stronger RS milestone (81) and described a “cup without handle” setup with a $35.59 buy point—useful context now that the stock has pulled back from a breakout attempt and is not currently in a classic buy zone. [3]
Bottom line for Monday: the latest “news” is mostly about how the stock is behaving, not a brand-new product or regulatory surprise. That can still move prices, especially into thin, year-end liquidity.
Wall Street’s forecast: cautious consensus, wide price-target dispersion
Analyst sentiment remains notably mixed—less a unified call than a map of disagreement.
MarketBeat’s consensus view for Moderna currently reflects a “Reduce” rating based on 19 analyst ratings (5 sells, 12 holds, 2 buys). The average 12-month price target is $29.21, which implies downside versus the latest $31 handle, while targets range widely from $17 to $63. [4]
Recent notable analyst actions listed by MarketBeat include:
- Morgan Stanley analyst Matthew Harrison (Dec. 12): lowered price target $30 → $28 with an Equal Weight stance. [5]
- Jefferies Financial Group analyst Andrew Tsai (Dec. 12): initiated coverage at Hold with a $30 target. [6]
- Piper Sandler analyst Edward Tenthoff (Dec. 1): reiterated Overweight with a $63 target. [7]
- UBS analyst Eliana Merle (Nov. 19): raised target $14 → $16 while maintaining a Sell rating. [8]
- Leerink Partners analyst Mani Foroohar (Nov. 17): raised target $17 → $18 with Underperform. [9]
- RBC Capital Markets analyst Luca Issi (Nov. 12): lowered target $29 → $25 with Sector Perform. [10]
For investors, the key takeaway isn’t the exact “right” target—it’s the dispersion. A stock with targets stretching from the teens to the 60s is a stock the Street still considers highly sensitive to execution, demand swings, and regulatory/competitive shifts.
Separately, Zacks’ published price-target range also underscores that uncertainty, listing forecasts from $17 to $135 (methodologies vary by platform). [11]
Sentiment check: short interest remains elevated
Another ingredient in Moderna’s volatility recipe is positioning.
As of Dec. 15, 2025, MarketBeat reported Moderna had 69.68 million shares sold short, about 20.01% of public float, with a 6.9 “days to cover” ratio (based on average volume). [12]
High short interest doesn’t predict direction by itself—but it can amplify moves when news surprises either way, because covering (or pressing) can create fast feedback loops.
Fundamentals: Moderna is cutting hard, but still navigating declining COVID demand
Moderna’s most recent quarterly snapshot illustrates why the stock can feel like two companies at once: a leaner operator on costs, and a business still adjusting to a smaller COVID market.
From Moderna’s Q3 2025 earnings call materials (reported for the quarter with the call held Nov. 6, 2025):
- Revenue:$1.0 billion (driven primarily by COVID vaccines Spikevax and mNEXSPIKE, plus RSV vaccine mRESVIA)
- Net loss:$200 million (loss per share $0.51)
- Cash and investments:$6.6 billion at quarter end
- Cost reductions:34% year-over-year reduction in combined cost of sales, R&D, and SG&A versus Q3 2024
- Full-year 2025 revenue guidance: narrowed to $1.6B–$2.0B [13]
On that same theme, Reuters previously reported Moderna trimmed the top end of its full-year revenue forecast amid weak COVID vaccine sales, reinforcing that demand variability remains the central swing factor. [14]
For investors heading into Monday, the “fundamental” story to track is straightforward:
- Can Moderna stabilize its respiratory franchise (COVID + RSV) as the baseline?
- Can new launches (flu, combo shots, other vaccines) arrive fast enough to rebuild a growth narrative before cash burn becomes the dominant headline?
Pipeline and product mix: more shots on goal than just COVID
Moderna’s own pipeline dashboard (as of Dec. 9, 2025) shows how aggressively it’s trying to broaden beyond COVID:
- Commercial respiratory products include Spikevax (COVID-19), mNEXSPIKE (COVID-19), and mRESVIA (RSV)
- Late-stage candidates include mRNA-1010 (flu, Phase 3) and mRNA-1083 (flu + COVID, Phase 3)
- Other late-stage vaccine programs include norovirus (mRNA-1403, Phase 3)
- In oncology, Moderna lists mRNA-4157 (intismeran autogene) in multiple trials including Phase 3 programs in partnership with Merck [15]
This breadth is exactly what bulls point to—and exactly what skeptics counter with execution risk (“lots of trials” is not the same thing as “approved, reimbursed, demanded products”).
The bird flu angle: CEPI funding adds credibility and a visible next step
One of the more consequential recent catalysts for Moderna’s longer-horizon narrative came from outside traditional commercial vaccine demand.
CEPI (the Coalition for Epidemic Preparedness Innovations) announced it will invest up to $54.3 million to support a pivotal Phase 3 trial for Moderna’s investigational H5 pandemic influenza vaccine candidate (mRNA-1018), with the Phase 3 study expected to begin in early 2026 in the U.K. and U.S. [16]
CEPI CEO Dr. Richard Hatchett framed the rationale bluntly: “Pandemic influenza remains one of the greatest threats to global health security.” [17]
Moderna CEO Stéphane Bancel called the work part of its broader preparedness strategy, saying mRNA technology can play a role in addressing emerging threats “quickly and effectively.” [18]
Why investors care: even if mRNA-1018 isn’t an immediate revenue driver, credible partners and funded pivotal trials can reduce “platform skepticism,” especially after the post-pandemic demand reset.
Reuters also covered the CEPI funding and noted the trial is slated to begin early 2026. [19]
Regulatory backdrop: what FDA says about mNEXSPIKE’s indication
Demand for Moderna’s COVID products is shaped not just by virus trends but by labeling and guidance.
The FDA’s product page for MNEXSPIKE states it is indicated for COVID-19 prevention and approved for:
- Adults 65+, or
- Ages 12–64 with at least one underlying condition that puts them at high risk for severe outcomes. [20]
That matters because Moderna’s revenue sensitivity isn’t simply “how much COVID is out there,” but also who is recommended/eligible, how payers behave, and how retail and provider channels execute each season.
If you’re watching Monday’s session: what investors should know before the next open
Because the market is closed now, the practical setup for Monday is about risk management and catalysts rather than reacting to prints.
1) Expect headline-driven volatility—especially with elevated short interest.
With short interest around 20% of float and days-to-cover near 7, a single unexpected headline (positive or negative) can trigger sharper-than-normal moves. [21]
2) Watch the technical “repair” attempt after Friday’s drop.
IBD’s latest note suggests relative strength has improved (RS Rating up to 73), but the stock is still described as not in a buy zone after a failed breakout attempt. Monday’s tape will show whether buyers defend the low-$30s area or whether momentum traders step back again. [22]
3) Keep an eye on the next major “stage” for management messaging: JPM Healthcare (January).
Moderna said it will present at the 44th Annual J.P. Morgan Healthcare Conference on Jan. 12, 2026 (7:30 p.m. ET), a venue where biopharma companies often reset investor expectations for pipeline timing, commercialization, and spending discipline. [23]
4) Treat earnings-date calendars as estimates until Moderna confirms.
Several market data services list different windows for the next report—some pointing to Feb. 13, 2026 (estimated) while others list later February dates. Investors should treat these as placeholders unless and until the company posts a confirmed schedule. [24]
5) The big investing question remains unchanged: can Moderna re-accelerate beyond COVID?
Management’s own communications around Analyst Day emphasized targets such as up to 10% revenue growth in 2026 and expanding its seasonal vaccine franchise to more products by 2028—ambitious goals that, if met, would materially change how the market values MRNA. [25]
MRNA is the kind of stock where the story can flip fast: technicals can dominate for a week, then a single clinical, regulatory, or partnership headline can completely redraw the map. Monday’s open will test whether Friday’s pullback was just year-end turbulence—or an early warning that the market still wants more proof that Moderna’s post-pandemic product portfolio can carry the next chapter.
References
1. www.marketbeat.com, 2. www.investors.com, 3. www.investors.com, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. investors.modernatx.com, 11. www.zacks.com, 12. www.marketbeat.com, 13. www.fool.com, 14. www.reuters.com, 15. www.modernatx.com, 16. cepi.net, 17. cepi.net, 18. cepi.net, 19. www.reuters.com, 20. www.fda.gov, 21. www.marketbeat.com, 22. www.investors.com, 23. www.nasdaq.com, 24. www.marketbeat.com, 25. www.accessnewswire.com
