Ahead of Moderna Earnings, Here's What Barchart Data Says Comes Next for MRNA Stock

Moderna (MRNA) shares have been in a massive uptrend in 2026, but options traders believe their rally could hit a pause after the biotech giant reports its fiscal Q3 earnings on Nov. 6. Consensus is for Moderna to report a loss of $1.10 per share for its third financial quarter, which would represent an alarming 116% decline on a year-over-year basis. 

Heading into the quarterly print, Moderna stock is trading at nearly 8x its price at the start of this year.

Options Sentiment Remains Bearish for Moderna Stock

According to Barchart’s options data, the put-to-call ratio on MRNA contracts expiring Nov. 13 is set at 1.38x as of writing, indicating a strong bearish skew. And the lower price on those options contracts sits at about $218 currently, signaling potential for a more than 11% post-earnings decline in Moderna. 

The dovish options market sentiment is partly related to valuation concerns, with MRNA shares now trading at a price-to-sales (P/S) multiple of about 45x, which makes them expensive by any stretch of the imagination.

What Else Warrants Caution in Playing MRNA Shares?

While Moderna has successfully diversified beyond its COVID-19 franchise, much of the bullish thesis still hinges on the commercial success of newer products and late-stage pipeline candidates. 

Any setbacks in clinical trials, regulatory reviews, or product launches could trigger a meaningful reassessment of future revenue expectations.

More importantly, MRNA stock’s recent surge suggests the market has already priced in a massive chunk of the company’s anticipated growth, leaving less room for execution missteps. 

With expectations running high ahead of earnings, even strong quarterly results may not be enough if management delivers conservative guidance or a less optimistic outlook on demand trends.

How Wall Street Recommends Playing Moderna

Wall Street analysts also agree that Moderna shares’ rally has gone a bit too far in 2026. 

According to Barchart, the consensus rating on MRNA sits at “Hold” only, with the mean price target of about $140 indicating potential downside of more than 40% from current levels. 

On the date of publication, Wajeeh Khan did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.