TD Cowen is taking a step back on Moderna .
The firm downgraded shares in the vaccine provider to market perform from outperform and lowered its price target to $125 from $145.
"We don't yet know where the COVID-19 vaccines business will settle out, and this fall/ winter season will be crucial for determining that," Van Buren said.
The analyst added that additional uncertainty over how many vaccine reorders will come to fruition also casts doubt on the firm's $7 billion estimate for annual revenue.
MRNA YTD mountain Moderna stock has dipped nearly 40% from the start of the year.
Persons:
Cowen, Tyler Van Buren, Van Buren, — CNBC's Michael Bloom
Organizations:
Moderna
Locations:
Moderna