Moderna stock falls sharply after six day rally ends

Moderna's share price fell sharply on Monday, ending a run of six straight days of gains. The stock became one of the worst performers in the S&P 500 that day. Investors have been uncertain about the company's future because demand for COVID-19 vaccines has dropped. About 20% of Moderna's shares are currently shorted, which is far higher than competitor Pfizer's 2.2%. A shorted share is one that investors have bet will fall in value. Despite the drop, there has been some positive news. RBC Capital has raised its price target for the stock to $45. Moderna has also won a contract to supply up to 24 million doses of its RSV vaccine in Europe. The company is working to develop new products beyond COVID vaccines.