Pharma Bro's Bet Against Moderna Backfires Dramatically

Martin Shkreli, a former hedge fund manager, recently revealed his short position on Moderna Inc. stock at $80 per share. This revelation comes just weeks before the biotech company experienced an astonishing 177% price explosion on Thursday, August 20, 2026. The unexpected rally caught Wall Street completely unprepared, as many had written off Moderna's post-pandemic business prior to a landmark breakthrough.

Shkreli, appearing in a video stream, acknowledged the swift shift in market sentiment. He explained that investors had dismissed Moderna's legacy COVID-19 assets, leaving the company in a seemingly dire state. "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," he commented. This unexpected success was attributed to positive topline Phase 3 INTerpath-001 trial data for a skin cancer vaccine, developed in partnership with Merck & Co., Inc.

Wall Street's unpreparedness was evident, with analyst ratings holding a consensus 'Hold' and average price targets hovering around $52.95 before the announcement. Trading volume surged dramatically, with over 74 million shares changing hands in the first hour alone. This trading frenzy propelled Moderna's stock to $174.38, significantly increasing its market capitalization by approximately $38 billion.