Moderna Mania Draws Bitcoin Comparisons While Shorts Bleed
- Analyst says vaccine sales are biggest question on valuation
- Short-sellers lost $3 billion betting against Moderna in 2020
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Biotech’s biggest short bet, vaccine developer Moderna Inc., broke another intraday record for a fourth straight session Tuesday, with one Wall Street strategist comparing the biotech’s volatile trading to bitcoin’s wild swings.
Moderna jumped as much as 17% shortly after the market opened Tuesday before nose-diving 10% in the afternoon session. The stock had surged 55% and added more than $21 billion in market value in the prior three trading days after the company revealed positive data and plans to file for approval of its experimental Covid-19 vaccine.