Former hedge fund manager Martin Shkreli revealed he was shorting Moderna Inc. (NASDAQ:MRNA) at $80 per share just weeks before the biotech stock experienced a record-breaking 177% explosion on Thursday.
Deconstructing the unexpected rally, the “Pharma Bro” admitted Wall Street was caught completely off guard after writing off the company’s post-pandemic business prior to its landmark skin cancer vaccine breakthrough.
‘That’s Biotech for You’
In a video stream showing trading screens, Shkreli acknowledged how quickly sentiment shifted after investors wrote off Moderna’s legacy COVID-19 pipeline. “This drug was a little bit out of nowhere. Everyone had written it off, left it for dead,” Shkreli said.
“All that was left was the shitty COVID assets that were barely alive, and then all of a sudden, that’s biotech for you.”
