Moderna cuts 2021 sales forecast for COVID-19 vaccine; shares tumble

Moderna Inc on Thursday cut its 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, as it struggles to ramp up production of its two-dose inoculation, sending its shares down nearly 11% in premarket trading.

The company's sales target cut is in sharp contrast to that of larger rival Pfizer Inc, which earlier this week raised its sales forecast for its shot.