Why is Moderna, Inc. stock underperforming the market?

Moderna (NASDAQ: MRNA) is facing a cautious sentiment from analysts, with recent evaluations leading to lowered price targets and ratings. The average 12-month price target has decreased to $66.5, a 32.24% drop from a previous $98.14, and earlier reports showed a decline to $77.63, down 28.86% from prior expectations. Notable adjustments include Morgan Stanley's Matthew Harrison lowering his target to $38.00 from $70.00 and JP Morgan's Jessica Fye reducing her target to $45.00 from $59.00, both reflecting a more conservative outlook. Despite these reductions, some analysts like Yifeng Liu from HSBC maintain a positive stance with a Buy rating and a $58.00 target. Financially, Moderna's revenue growth rate of 3.81% lags behind the healthcare sector's average, and its market capitalization is below industry norms, indicating a smaller size compared to competitors. The company's net margin also falls short of industry benchmarks, suggesting potential profitability challenges. Overall, the outlook for Moderna is mixed, with a general trend of caution among analysts, as reflected in the varied adjustments to price targets and ratings.