Moderna Inc (MRNA)

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Moderna’s 370% Rally Has Cost Short Sellers $1.5 Billion in 2020
By Bailey Lipschultz
July 17, 2020, 3:51 PM EDT

Those betting against high-flying vaccine developer Moderna Inc. have taken their lumps this year with the biotech’s 370% rally costing short sellers almost $1.5 billion, according to financial analytics firm S3 Partners.

The Cambridge, Massachusetts-based biotech has boomed into a $36 billion behemoth amid excitement for its vaccine to treat the novel coronavirus. Still, even with the stock’s parabolic move this week, it’s primed for a squeeze with short investor losses potentially outweighing overbought price conviction, S3 Partners managing director Ihor Dusaniwsky said in a note.

Moderna surged 6.9% to a record on Wednesday after early results from its Covid-19 vaccine candidate drew Wall Street praise. With the company set to start a final-stage study of the vaccine this month, excitement for the company and nerves for short sellers could push the stock even higher.

https://www.bloomberg.com/news/articles/2020-07-17/moderna-s-370-rally-has-cost-short-sellers-1-5-billion-in-2020?srnd=premium

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