Moderna Plunges 25% After Record Surge, Worst Day in History
MRNA has more than doubled off its 52-week low of $22.28 on elevated volume (7.2× avg).
Summary
Moderna is down as much as 25.69% on Thursday, on track for its worst single-day drop ever, after Wednesday's 177% surge on positive Phase 3 data for its personalized cancer vaccine intismeran autogene with Merck's Keytruda. The reversal is driven by unwinding of a massive short squeeze—short interest was about 12.5% of float, making it one of the most shorted names. This follows the FDA approval of mFLUSIVA flu vaccine on August 6 and the Q2 loss reported July 31. The stock is giving back a large portion of the prior day's gains as short sellers cover and profit-taking sets in. Watch whether the decline stabilizes near the $135 level or continues toward pre-announcement levels.
At the time of this announcement, MRNA was trading at $135.04 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $53.9B. The 52-week trading range was $22.28 to $176.66. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.