Moderna stock surged 177% on Wednesday after announcing positive Phase 3 results for its cancer vaccine developed with Merck. A $200 million estimate revision by Leerink moved $30 billion in the stock market. Short sellers, who held 13.37% of freely traded shares, lost $4.8 billion when forced to cover their positions. Bank of America raised its price target from $40 to $170 while Morgan Stanley targets $89 and Brookline Capital $135. The detailed Phase 3 results, expected at the ESMO Congress in Madrid from October 23-27, will likely determine the stock’s next direction.
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