Moderna stock plunges nearly 20% as company reports poor COVID-19 vaccine sales and cuts to research plans

With the pandemic in the past, the Cambridge-based biotech company has struggled to maintain success, now announcing it will cut 20% of its R&D budget by 2027.

Moderna (NYSE: MRNA) stock plunged Thursday on news it will be slashing its research and development (R&D) budget by about 20% over the next three years, a result of low sales projections and poor vaccine sales.