Moderna slips after Citi downgrades to 'sell'

By Reuters News

** Biotech firm Moderna's MRNA.O shares fall 6.2% to $190.89 premarket

** Brokerage Citigroup downgrades MRNA to "sell" from "neutral", says optimism related to cancer drugs has already been priced in

** Brokerage says the stock's re-rating reflects potential expansion into multiple tumor types and unrealistic implied sales expectations

** Citi says stock's current valuation is unjustifiable, with a negatively skewed risk-reward profile

** Citi raises price target on MRNA to $80 from $60, representing a near 61% downside to co's last close of $203.46

** As of last close, MRNA shares up roughly seven-fold this year

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