MMR

Moderna Stock Plummets on Cost-Cutting Measures

The biotech giant is slashing its research budget by 20%

Deputy Editor
Sep 12, 2024 at 11:02 AM
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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. 

 

AI has exploded ever since ChatGPT set the world on fire near the end of 2022.

Numerous companies with connections to artificial intelligence have seen their stocks soar.

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Yet, these strange investments could be the early ripples of a massive wave …Without them, ChatGPT could stop operating … Amazon, Google, Microsoft and more could see profits drop drastically.

In fact, Elon Musk says these investments are critical when it comes to solving the number one problem facing AI.

Now, Silicon Valley legend Michael Robinson has identified two companies that could play a significant role in the solution.

Their stocks just may be the key to AI 2.0.

Find out more about these two companies today.
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