While the CBS board on Monday mulls the fate of Chief Executive Les Moonves, some investors have already made up their minds: head for the hills.

Shares of CBS fell nearly 6 percent by midafternoon Monday following a New Yorker report on Friday detailing allegations made by six women of sexual misconduct by Moonves over more than two decades.

At least two of the women claim Moonves retaliated against them after they rebuffed his overtures.

Moonves acknowledged behavior “decades ago” that made some women “uncomfortable,” but said he has never “misused my position to harm or hinder anyone’s career.”

The CBS board said Friday it would investigate the matters and take “appropriate action.” The board, at a regularly scheduled teleconference on Monday, was scheduled to discuss the Moonves matter.

On the agenda, sources said, was whether to suspend Moonves, one of the most powerful executives in Hollywood, pending the outcome of the probe.

Meanwhile, CFRA Research downgraded CBS on Monday from buy to hold, citing the unclear near-term outlook for the company.

“While Mr. Moonves has mostly denied the allegations, we see a range of potential outcomes that could make his tenure become increasingly tenuous, amid heightened sensitivity to the so-called #MeToo movement,” said CFRA analyst Tuna Amobi.

The New Yorker account by reporter Ronan Farrow comes while CBS is battling Shari Redstone, whose family controls the media giant as well as Viacom. Redstone is pressing a merger of the two companies and Moonves is fighting that effort.

A CBS move to weaken the Redstone family grip on the company was countered by National Amusements Inc., the Redstone holding firm — and the issue is now before a Delaware judge. A trial on the matter is scheduled for October.

The CBS annual meeting is scheduled for Aug. 10.

“We see a particularly inauspicious timing for CBS, currently embroiled in a high-stakes litigation against [NAI], its controlling shareholder under the direction of Shari Redstone, who might seek to exert further leverage under the current circumstances,” CFRA’s Amobi wrote.

“Regardless of Moonves’ personal fate, his future and the future of nine other CBS board of directors is now in question. All eyes should be on Aug. 10,” said BTIG analyst Rich Greenfield.

According to a source, the board also could reschedule that annual meeting, which is becoming increasingly important in light of these allegations.

Not all analysts are bearish, however.

Alan Gould, of Loop Capital, cautions investors to stay put. Loop has a buy rating on the stock with a price target of $60.

“While the emotional reaction is to sell CBS on the release of the long-rumored and damaging New Yorker article regarding CBS CEO Les Moonves, we believe the stock is undervalued,” Gould noted.

At 2:30 p.m., CBS shares were trading at $51.12, down 5.4 percent.