JPMorgan downgrades Moderna on valuation concerns after 380% rally this year

In this March 16, 2020, file photo, a subject receives a shot in the first-stage safety study clinical trial of a potential vaccine by Moderna for COVID-19, the disease caused by the new coronavirus, at the Kaiser Permanente Washington Health Research Institute in Seattle.
Ted S. Warren | AP

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Red-hot biotech Moderna got a downgrade on Monday at JPMorgan as the Wall Street firm sees less upside after the company's massive run this year.

JPMorgan slashed its rating on Moderna to neutral from overweight, while raising its 12-month price target on the stock to $89 from $60, which would represent a 6% decline from here.