Citi analyst Geoff Meacham downgraded Moderna to sell from neutral while raising his price target to $80 from $60, saying the biotech’s torrid rally has pushed its market value to roughly $80 billion. The target implies a decline of about 61% from Tuesday’s close. Moderna shares fell nearly 5% on Wednesday morning after gaining more than 220% since interim results from the INTerpath-001 trial, Citi said. Moderna and Merck reported positive Phase 3 results in August for intismeran autogene combined with Keytruda in melanoma, although detailed numerical findings remain undisclosed. Citi said success in melanoma does not ensure comparable results in lung, kidney and bladder cancers, and estimated that a valuation near $200 would require roughly $26 billion in annual oncology sales, well above its forecast.