Moderna's shares climbed in the first half of the year, as it scored victories with a product approval and solid clinical trial results. This week the biotech surprised investors with some changes to its strategy -- and a key goal.
Moderna's cost-reduction plans, pipeline cuts and reined-in financial guidance, unveiled Thursday, triggered a wave of downgrades as analysts focused on longer timelines to launch some products and questioned when the company can return to profitability.
Moderna (NYSE: MRNA) stock plunged Thursday on news it will be slashing its research and development (R&D) budget by about 20% over the next three years, a result of low sales projections and poor vaccine sales.
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