Short sellers might want to take a hard look at Moderna, Inc. (MRNA), in my opinion.
Shares of the Cambridge, Massachusetts-based biotech have climbed more than 50% in just the past month. On Monday, the stock price rose more than $13 to trade around $80 per share on news its Covid-19 vaccine candidate showed promise in a phase 1 clinical trial.
The gains in Moderna stock have pushed its market value to nearly $30 billion, which seems pretty high for a company that has yet to turn a profit and has lost more than $1 million over the last three years. In fact, the firm’s only revenue to date has come from research grants and the licensing of its technology. Moreover, vaccines are a famously unprofitable area of development, which is why companies tend to focus on drugs instead.
Of course, there is a chance that the vaccine could be