Courtesy of ZeroHedge
But, but, but… 8 healthy young people didn't die when given the MRNA vaccine candidate!!! MRNA shares have tumbled back to pre-Vaccine headline levels this morning leaving all buyers of the follow-on offering significantly underwater…
…and cue the class-action lawsuit!
Linette Lopez wrote on Business Insider: it's a perfect storm of stupid in the stock market right now.
Over the past few days we've seen two companies make headlines without even remotely having the data to back it up. The most impactful ones were about Moderna, which said on Monday morning that patients in a trial of its vaccine candidate had positive immune responses.
The market lost its mind on that news. The company's stock jumped 26%. Moderna's CEO, Stephane Bancel, did a victory-lap interview for a credulous Joe Kernen on CNBC. Literally overnight the company raised $1.4 billion. The whole market rallied. It was a true Cinderella story.
It took a full 24 hours before the market actually read the results from Moderna's clinical trial, which cited coronavirus antibodies forming in only eight patients. The market also noticed that the National Institute for Allergy and Infectious Diseases, which was partnering with the company, did not release an endorsement of its findings as it usually does.
Once the market digested all of that, Moderna's stock fell over 10%, and the market went with it. No one did their homework, and no one has since apologized. Welcome to Wall Street. The market didn't learn its lesson either. On Wednesday, Inovio Pharmaceuticals announced that its COVID-19 vaccine candidate had produced positive results in animals and that it expected data in the coming weeks. The stock jumped over 8%.
The pharmaceutical industry was already opaque and scammy. Now suddenly everyone in the stock market is invested in a specific outcome from the sector. They want to be the person who scores big on a lifesaving treatment. In fact, they'll be afraid to miss out on opportunities. I have an extremely active subconscious, and I could not have dreamt of a more perfect condition for separating investors from their money if I tried.