Shares of Moderna, Inc. (NASDAQ:MRNA) plummeted 8.85% during intraday trading on Monday, as investors grappled with recent clinical setbacks and negative analyst actions. The biotech company's stock continues to face pressure despite some positive pipeline developments.

The sharp decline comes in the wake of Moderna's October 23 announcement that it was halting the Phase 3 trial for its cytomegalovirus vaccine, mRNA-1647, due to failure in meeting its primary efficacy endpoint. This setback prompted several analysts to revise their outlook on the company. UBS cut its price target to $40, while JPMorgan maintained an Underweight rating and set a notably low target of $25.

Adding to the downward pressure, investors are now focusing on Moderna's upcoming earnings report, scheduled for release on Thursday. Consensus estimates project a quarterly loss of approximately $2.15 per share on revenue of about $860 million. The company did announce some positive news on Monday, dosing the first patient in a Phase 1/2 study for mRNA-2808, its investigational T-cell engager for multiple myeloma. However, this development appears to have been overshadowed by the broader concerns surrounding the company's pipeline and financial performance.