Moderna stock is dropping to 2024 lows
Shares of Moderna Inc (NASDAQ:MRNA) are plummeting today, after the biotech giant announced it was slashing its research budget by about 20%. The company also teased the launch of 10 new products before then.
On the short sell restricted (SSR) list amid the volatility, MRNA was last seen down 17.8% at $65.38, hitting its lowest levels since early November. The stock has continued to move lower since its 21.1% post-earnings drop on August 1, and is currently down 35.4% year to date.
Options traders are chiming in on the drop. So far, 50,000 calls and 50,000 puts have been exchanged, which is 7 times the options volume MRNA typically sees at this point. The weekly 9/13 65-strike put is the most popular, where new positions are being opened.
It's also worth noting that short interest has been building, and now represents 7.2% of the stock's available float. It would take shorts over six days to cover their bets, at MRNA's average pace of trading.