Shares of Moderna (NASDAQ: MRNA) were trading down by 2.5% as of 12:07 p.m. EST Tuesday after falling as much as 6.1% earlier in the session. The company stated on Monday that it is proposing to begin filling vials with up to 15 doses of its COVID-19 vaccine rather than the current 10 doses. This approach would help Moderna to ease supply constraints, as its ability to ship more vaccines out to the public is being limited in part by its production lines’ vial throughput speed.
However, it’s unlikely that investors are too concerned about Moderna’s proposal, which the Food and Drug Administration will have to clear before implementation. Instead, the biotech stock’s Tuesday morning decline was likely spurred by continued concerns about its valuation. That issue was emphasized again when Bank of America analyst Geoff Meacham downgraded the stock from neutral to underperform on Monday.