Former hedge fund manager Martin Shkreli revealed he was shorting Moderna Inc. (NASDAQ:MRNA) at $80 per share just weeks before the biotech stock experienced a record-breaking 177% explosion on Thursday.
Deconstructing the unexpected rally, the “Pharma Bro” admitted Wall Street was caught completely off guard after writing off the company’s post-pandemic business prior to its landmark skin cancer vaccine breakthrough.
‘That’s Biotech for You’
In a video stream showing trading screens, Shkreli acknowledged how quickly sentiment shifted after investors wrote off Moderna’s legacy COVID-19 pipeline. “This drug was a little bit out of nowhere. Everyone had written it off, left it for dead,” Shkreli said.
“All that was left was the sh***y COVID assets that were barely alive, and then all of a sudden, that’s biotech for you.”
Shkreli confessed to joining other bearish traders in betting against MRNA stock, stating, “I was playing around shorting this thing at 80 bucks a couple weeks ago. I think a lot of people were.”
Reflecting on the resulting pain across Wall Street trading desks, he added, “I bet you a bunch of people got fired today all across the Street. You don’t even, you know what’s going on, you just leave the building, bro.”
Caught Unprepared on Wall Street
Wall Street was completely unpositioned for the historic move, with analyst ratings carrying a consensus Hold and price targets averaging just $52.95 prior to Wednesday’s announcement.
Trading volume exploded as over 74 million shares changed hands in the first hour alone, sending Moderna to $174.38 and adding roughly $38 billion in market capitalization.
Landmark Cancer Vaccine Win
The record squeeze followed positive topline Phase 3 INTerpath-001 trial data released by Moderna and Merck & Co., Inc. (NYSE:MRK).
Evaluating intismeran autogene combined with Keytruda across 1,137 resected stage IIB-IV melanoma patients, the combination met primary endpoints by delivering statistically significant improvements in recurrence-free survival. The readout marks the first-ever successful Phase 3 win for an individualized mRNA cancer therapy.
How Has MRNA Performed In 2026?
MRNA shares rose 491.32% year-to-date, advanced 524.79% over the last year, and rose 250.87% over the last six months. It closed 176.97% higher at $174.38 per share on Wednesday, and it was 8.97% lower in premarket trading on Thursday.
Benzinga’s Edge Stock Rankings indicate that MRNA maintains a strong price trend in the long, short and medium terms.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Doug Engle via Imagn
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