Moderna short sellers face $4.8 billion loss amid record stock jump

Moderna Inc's stock surged more than 200% on Wednesday, leaving short sellers facing a massive $4.8 billion loss, according to ORTEX data. The biotech company's shares climbed to $159, down nearly $100 from the previous close of $62.96. The dramatic rise came after Moderna announced positive results from its personalized mRNA cancer therapy trial, conducted in collaboration with Merck & Co Inc. The therapy showed promise in reducing the risk of skin cancer recurrence and spread.

Short interest in Moderna stood at 13.5% of its free-float, making it one of the most-shorted large-cap stocks. Analyst Peter Hillerberg of ORTEX noted that the significant short base could trigger a squeeze, potentially driving the price even higher.