Moderna Drops 7% Despite a Fresh Wolfe Research Upgrade, BioNTech Slips

Moderna's stock dropped 7% following a fresh upgrade from Wolfe Research, while BioNTech's stock slipped 2%, suggesting the selloff is specific to Moderna. Despite this, the broader biotech sector remains relatively stable, with the iShares Biotechnology ETF barely moving. Moderna's valuation of $59.09 billion is questioned, as it includes an unapproved drug program with no current revenue.

However, Wolfe Research maintains a positive outlook, estimating potential sales of $9.2 billion for the company's intismeran program. Moderna's stock showed significant growth in the past year, with a 439% increase, but the recent 7% drop appears to be profit-taking after a substantial rally. The company reported a net loss of $1.97 per share in Q2 2026, but revenue grew 2.1% year-over-year. Key partners in Moderna's intismeran program include Merck and KEYTRUDA.