Moderna (MRNA) is receiving bearish reviews from Wall Street following the company's announcement it will be slashing it's research and development budget. The pharmaceutical company has received downgrades from both Jefferies (JEF) and JPMorgan (JPM), sending shares lower in pre-market trading.

JPMorgan has downgraded Moderna's rating to Underweight from Neutral, while also reducing its price target from $88 to $70. Similarly, Jefferies downgraded the stock to Hold from Buy, with a price target cut from $120 to $65.

The primary reason cited by both firms for their downgrades is Moderna's recent announcement that it's pushing back its timeline to reach break-even profitability. The company now expects to achieve this milestone in 2028, two years later than the previously projected 2026.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Angel Smith