Why is Moderna stock selling off after missing earnings?

Moderna stock is suffering and Investors who remain invested in the stocks are feeling the burn of the stock price as the Moderna stock took a nosedive from over $497.49 per share to $284.02 per share.  The good news is that stock is still up by 154 percent for the year.

Why is Moderna stock selling off?

The pharmaceutical company missed earning forecast by 20 percent. Moderna reported total revenue of $5 billion, about 20% short of the estimated $6.2 billion revenue.

The company reported diluted earnings of s7.70 per share, also shot of S&P Capital IQ consense estimate of $9.42.

Notable developments about Moderna

• The company now expects estimated sales to be between $15 billion and %18 billion
•  Moderna signed a $17 billion worth of Covid-19 vaccine purchase agreement for the year 2022

“We are humbled to have helped hundreds of millions of people around the world with our COVID-19 vaccine and yet we know our work is not done,” Moderna CEO Stephane Bancel said in a statement.