⁍ Moderna’s stock has soared more than 300% in 2020 as the Massachusetts biotech has led the race to develop a coronavirus vaccine.

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⁍ But one top Wall Street analyst says the biotech’s stock is now poised to fall, even though Moderna is likely to succeed in crafting an effective shot.

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⁍ SVB Leerink’s Mani Foroohar started covering Moderna on Thursday with a market perform rating and a price target of $65.

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– Moderna Pharmaceuticals’ stock has soared more than 300% in the past five years as the Massachusetts biotech focused on developing a vaccine for coronavirus, a potentially deadly virus that causes colds and respiratory diseases. But one top Wall Street analyst is now lowering his price target on the stock, arguing that Moderna’s $32 billion valuation is “unappealing,” Business Insider reports. “Consensus expectations in the medium and long-term bake in aggressive price and share assumptions, despite numerous competitors entering the market, while the rest of the pipeline offers little near-term news flow to drive share performance,” writes Mani Foroohar of SVB Leerink in a note to investors. Foroohar predicts that Moderna’s vaccine, which is currently in clinical trials, will eventually be approved and generate revenue of $2.6 billion in 2021. But if it doesn’t work, Foroohar says the market for coronavirus vaccines could turn into a “boom and bust revenue cycle” like the one that occurred with hepatitis C drugs.