What happened Shares of Moderna (NASDAQ: MRNA) fell 6.9% on Wednesday, following a cautionary note from analysts at a respected investment bank. So what Morgan Stanley analyst Matthew Harrison cut his rating on Moderna's stock from overweight to equal weight, though he raised his price forecast from $100 to $150. Harrison sees more long-term upside ahead, but he cautioned that investors' near-term expectations may be too high. Moderna's stock price may have gotten ahead of itself, according to analysts at Morgan Stanley. Image source: Getty Images. Thus, he believes the best move is to wait for opportunities to buy the stock at a lower price. "We think it's appropriate to step to the sidelines for now and look for entry points to better realize the potential long-term value," Harrison said. Now what His downgrade essentially comes down to valuation. Moderna's stock price is up a staggering 609% in 2020. Investors have bid up its shares following the promising performance of its coronavirus vaccine candidate, mRNA-1273, which has shown to be as much as 94.1% effective against COVID-19 in clinical trials. Harrison is basically arguing that Moderna's share price has overshot the biotech's current value, but he concedes that its long-term future remains bright. 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 Joe Tenebruso 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