Moderna Gets Analyst Downgrade After $1.1B R&D Spending Cut

Key Takeaways Shares of Moderna fell Friday after taking on steep losses a day earlier on the news that it plans to cut research and development spending by $1.1 billion by 2027. JP Morgan analysts, meanwhile lowered their rating to underperform from neutral. JP Morgan's$70 price target on the stock is substantially below Wall Street's consensus of around $100. Shares of Moderna (MRNA) fell for the second day in a row after the company said it would slash its research and development expenditures. The stoc ...