Moderna Set for Biggest Drop in Two Years as Short Squeeze Unwinds
MRNA has more than doubled off its 52-week low of $22.28 on elevated volume (4.9× avg).
Summary
After Wednesday's record 177% surge on positive cancer vaccine data, Moderna is now on track for its largest one-day percentage drop in over two years. The pullback reflects the unwinding of a massive short squeeze—13.7% short interest and nearly 200 million shares traded (about half the float) drove the prior day's move. UBS clients sold a record $44 million in shares Wednesday, signaling profit-taking. Analysts expect the stock to settle as fast-money repositioning exhausts. This follows the FDA approval of mFLUSIVA and the intismeran Phase 3 success, but today's action is about positioning, not fundamentals.
Updates
· Benzinga — Moderna fell as much as 25.69% on Thursday, on track for its worst single-day drop ever, after Wednesday's 177% surge.
At the time of this announcement, MRNA was trading at $139.73 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $55.8B. 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: Dow Jones Newswires.