Moderna’s shares fell nearly 6% in morning trading after the company priced a $2.6 billion convertible senior notes offering due 2032, expanding an initial $2.0 billion private placement announced the prior evening.
The zero-coupon notes, sold to qualified institutional buyers, were issued at a conversion price representing a premium of roughly 47.5% over Moderna’s prior close of $142.77. Proceeds will be used for general corporate purposes, including oncology investments and debt repayment.
Goldman Sachs raised its price target on Moderna to $120 from $67 while maintaining a Neutral rating. The stock slipped 6.05% to $140.60, extending a decline from its 52-week high of $176.66 reached on August 19.
The selloff followed BioNTech’s announcement that it terminated a Phase 2 colorectal cancer mRNA vaccine trial due to futility, highlighting the challenges in translating melanoma breakthroughs across cancer types. The broader market showed little movement, with the S&P 500 and Nasdaq essentially flat, indicating the move was company- and sector-specific rather than macro-driven.
