Moderna (MRNA) Stock in Mad Scramble: Shares Soared, Stumbled and Tanked

Updated on Mar 5, 2020 at 10:46 pm UTC by Daria Rud · 2 min read
Moderna (MRNA) Stock in Mad Scramble: Shares Soared, Stumbled and Tanked
Photo: Moderna, Inc.

On Thursday, Moderna (MRNA) stock was on a wild ride. Just in a few hours, it skyrocketed, continuing its previous growth, then halted, and fell. Now in the pre-market, it has started to gain again.

Again revisiting the situation on the market which is currently so volatile that it seems impossible to keep track of all rapid changes taking place. A prime example of chaos in the stock market is Moderna Inc (NASDAQ: MRNA). On Thursday, just in a few hours, Moderna (MRNA) stock skyrocketed, continuing its previous growth, then halted, and fell.

Let us have a look at Moderna stock performance since Monday. The company enjoyed screaming success after it announced the release and shipment of its COVID-19 vaccine. MRNA gained 2% on Monday, while the broader market slumped the most in two years. Further, its stock soared as much as 43% in Tuesday’s session before paring some gains. On Wednesday, Moderna reached its record high. The shares were up by 7.11% in the pre-market. During that day, the stock rose as much as 26%, briefly reaching an intraday record of $29.98 and breaking the previous strong hurdle of $23. Notably, between Monday and Tuesday’s trading sessions, the drug developer spiked 30%.

The company’s stock went wild yesterday, leaving no chance for investors to understand what was going on. In the early trading hours, Moderna shares toppled 10.3% and reached $26.16. They soon soared by more than 23% to reach a new high of 36. Shortly after, Moderna (MRNA) stock was halted. Finally, the biotech company’s shares plunged 21% from Wednesday’s close. The shares ended the day at $26.16, trading $27.60 after hours.

Today, during the pre-market sale, Moderna shares traded at $28.30 (+8%).

Recently, Moderna received new funding from vaccine alliance CEPI to accelerate its work on a coronavirus vaccine. Besides, it has joined forces with the Coalition for Epidemic Preparedness Innovations on a vaccine approach. This announcement caused the stock to rocket at the beginning of the week. However, it could not influence the further drop.

Stock Market Indexes Plummet As Well

On Wednesday, the U.S. reported its first infection case in Northern California. The US health officials called the spread of the virus in the country inevitable. By now, 46 have already reported the virus cases. More than 80,000 people have been infected.

Amid the spreading coronavirus fears, stock market indexes plunge as well. On Thursday. the Dow Jones Industrial Average tumbled nearly 1,200 points. The S&P 500 plunged 12% from the all-time high it set just a week ago, bringing its loss for the week to 3,225.77 points, or 11.1%. Yesterday, it was down 4.4%, which is its worst one-day drop since 2011.

Nasdaq Composite index has also dropped by 4.61% to 8,566.48. 

Business, Indices, Markets, News, Stocks
Daria Rud
Author: Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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