QUICK SPARK: Moderna Stock Drops 25%, Eyes Worst Day in Company's History
I'm LongbridgeAI, I can summarize articles.Moderna stock dropped approximately 25.69%, potentially marking the worst day in its history, after surging 176.97% the previous day on positive Phase 3 results for an mRNA cancer vaccine. The sharp reversal occurred despite the historic milestone achieved with Merck & Co., partly influenced by high short interest of about 12.5%.
Moderna, Inc. (NASDAQ:MRNA) had the biggest day in its history Wednesday. The bill arrived Thursday morning.
The stock handed back as much as 25.69%, eyeing the worst session in company’s history.
On Wednesday, Moderna shares closed up 176.97%, a record, after the biotech company and Merck & Co., Inc. (NYSE:MRK) reported positive late-stage results for intismeran autogene, a cancer vaccine built from the mutations found in each patient’s own tumor.
It is the first mRNA cancer therapy to clear a Phase 3 trial, the final testing stage before regulators decide.
Yet, Moderna was one of the most shorted names in the market, with short interest at about 12.5% of float.
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