Moderna Inc (NASDAQ:MRNA) is powering up the Nasdaq this morning, last seen126.5% higher to trade at $142.61. The drug maker's experimental melanoma vaccine -- developed with Merck (MRK) -- met the primary endpoints of its late-stage trial. MRK is up 9.3% this morning, while sector peer Novavax (NVAX) is 6.4% higher.
This is poised to be Moderna's best single-session gain ever on record, by a wide margin. The shares are now trading at their highest level since 2024 and are up 357% year to date. Prior to the breakout, support was stepping up at MRNA's 126-day moving average.
A shift in analyst attention could be imminent. Of the 24 brokerages covering the stock, 22 maintain "hold" or worse ratings, while the consensus 12-month price target of $55.12 is now a 55% premium from its current perch.
Short sellers are in trouble. Short interest is down 5% in the most recent reporting period, yet the 49.77 million shares sold short account for 13% of MRNA's total available float. At the stock's average pace of trading, it would take shorts more than six trading days to buy back their bearish bets.
Options traders are out in droves this morning. Over 170,000 contracts have changed hands already today, volume that's 19 times the average intraday amount. The August 120 call expiring on Friday is the most popular, with new positions being bought to open there.
