Moderna shares surge 177%, short sellers lose US$5.5 billion

Published Aug 20, 09:58 AM UTC

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Moderna's stock price surged 177% after the company announced that its personalized cancer vaccine successfully reduced the recurrence of melanoma in a clinical trial. This dramatic price increase resulted in a 'painful' US$5.5 billion loss for short sellers who had bet against the stock. The stock had already gained 114% earlier in the year before the trial results were released. The news highlights the significant impact of positive clinical trial data on biotechnology stocks and the risks faced by short sellers in the sector.

Source

The Business TimesNeutral / independent

Original headline: Moderna’s 177% surge burns shorts in ‘painful’ US$5.5 billion loss

Original language: EN-US