$Moderna(MRNA.US) fell more than seven points, $Eli Lilly(LLY.US) dipped slightly, $Pfizer(PFE.US) basically didn't move—major U.S. pharmaceutical stocks are under overall pressure this wave, and $Moderna(MRNA.US) fell even harder😔

Actually, there's no major company-level bad news; Morgan Stanley just raised the target price for $Moderna(MRNA.US). It's more about the biotech sector as a whole shifting focus to fundamentals and squeezing out some of the earlier valuation premiums. Among the large caps, $Moderna(MRNA.US) has greater elasticity, making its decline even more glaring.