What happened As of mid-afternoon Tuesday, shares of top coronavirus stock Moderna (NASDAQ: MRNA) were tumbling by more than 7% following an analyst downgrade. The downgrade comes on a day when rivals Pfizer (NYSE: PFE) and BioNTech (NASDAQ: BNTX), which have developed a coronavirus vaccine using similar technology, received their third approval from a national regulator. Image source: Getty Images. So what Needham & Company analyst Alan Carr changed his recommendation on Moderna to hold from buy, erasing his previous $110 price target. He acknowledges -- how could he not? -- that the company has made "significant progress" in the viability of RNA, which is the foundational technology for its vaccines and drugs. This lineup includes mRNA-1273, the coronavirus vaccine candidate that has shown excellent efficacy in late-stage testing and is on the cusp of regulatory approval throughout the world. However, "The stock may react favorably to EUA issuance, but we do not believe it will justify a meaningfully higher price target," Carr wrote. He was referring to the emergency use authorization likely to be granted by the U.S. Food and Drug Administration. Now what Unfortunately for Moderna, a competing vaccine -- Pfizer/BioNTech's BNT162b2 -- is already collecting regulatory approvals. Early on Wednesday, Health Canada authorized emergency use of BNT162b2. But don't count the young biotech out yet; the coronavirus outbreak necessitates an "all hands on deck" inoculation situation, so there's room for more than one vaccine in the world. I don't think Moderna bulls, then, should give up on the stock on Carr's downgrade. 10 stocks we like better than Moderna INCWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Moderna INC wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source