Short Sellers Take Aim as Moderna Faces Its Toughest Test Yet
Once a biotech darling, Moderna’s cautionary tale is one of jabs turned backstabs. After minting kings with a ~20x pandemic run-up, the vaccine maker now holds the dubious crown as the S&P 500’s most shorted stock. Down 95% from its 2021 peak, it’s betting everything on a 2026 turnaround to survive the bloodbath.
- Revenue has collapsed by over 80% since 2021, leaving the drugmaker unprofitable since 2023 — and now facing a 24% year-over-year decline in US COVID-19 shot demand.
- Vaccine fatigue and shipment delays have dampened uptake — while RFK Jr.’s anti-vax push and the CDC’s new stance on autism risks have only made things worse.
The turnaround plan: Executives are pinning near-term hopes on new sales in Australia, Canada, and the UK — potentially boosting revenue by 10%. After that, the expiration of Pfizer’s European COVID-19 vaccine contract in 2027 opens another big door. Still, the absolute moonshot is mRNA cancer therapies, as CFO Jamey Mock targets breakeven by 2028. With lobbying spend now hitting record highs, 2026 could ultimately turn it into a comeback story — or lock in Moderna as a one-hit wonder.
