Moderna (MRNA) Stock Today, November 23, 2025: Short-Seller Pressure, $1.5 Billion Loan and mRNA Pipeline Reset

Moderna Inc. (NASDAQ: MRNA) enters Sunday, November 23, 2025, as one of the most controversial and heavily shorted stocks in the S&P 500. The biotech is trading near its 52‑week low after the COVID‑vaccine boom faded, yet it’s rolling out a new three‑year strategy, taking on $1.5 billion in debt, cutting pipeline projects and doubling down on its mRNA platform in respiratory disease and cancer. ^[1]

Here’s a detailed look at Moderna stock today, what changed this week, and how the latest headlines might shape the risk–reward for investors.

Moderna stock price snapshot for November 23, 2025

U.S. markets are closed this Sunday, so the latest picture for Moderna comes from Friday’s close (November 21, 2025):

Last close:$23.72
Daily move: up about 6% on Friday (roughly +$1.36) ^[2]
Day’s range (Friday):$22.28 – $23.94 ^[3]
52‑week range: roughly $22.28 – $48.92 — putting the stock right near its 52‑week low ^[4]
Market cap: about $9.3 billion ^[5]
12‑month performance: down about 38% over the past year, and still more than 80% below its pandemic‑era highs, according to multiple price‑history datasets and recent analysis. ^[6]

In other words, Friday’s bounce came off extremely depressed levels. Moderna is trading where it did before COVID‑19 turned it into a household name, even though it is now a global commercial vaccine company with a broad clinical pipeline.

Fresh headline today: Moderna becomes a top short target

The big new story dated November 23, 2025 is that Moderna is now one of the most shorted stocks in the S&P 500, with bearish bets piling up as COVID‑vaccine demand fades.

A Financial Times report on Sunday highlights that Moderna has become the single most shorted stock in the index, with short sellers profiting from the share price collapse back to pre‑pandemic levels. ^[7]
Earlier data from GuruFocus and other outlets showed short interest of about 17–18% of shares outstanding as of October, already putting Moderna at the top of the S&P 500 short‑interest list. ^[8]

The FT piece ties the heightened short interest to:

An 80%+ collapse in sales from the COVID‑vaccine peak
Falling vaccination rates and vaccine fatigue” in the U.S.
Ongoing politicization of vaccination guidance, which has darkened the outlook for COVID boosters

At the same time, the report notes that Moderna’s management is still aiming for a financial turnaround by 2026 and break‑even by 2028, leaning on oncology and new vaccines beyond COVID. ^[9]

What high short interest means for MRNA

For investors, that combination makes Moderna a classic battleground stock”:

Bears see a structurally shrinking COVID market, high cash burn, and execution risk in a still‑unproven cancer and rare‑disease pipeline. ^[10]
Bulls argue that the share price already reflects a lot of bad news and that any positive surprise from the pipeline or vaccine uptake could trigger a short‑covering rally, given the elevated short interest. ^[11]

Either way, volatility is likely to remain high, and short interest is now a key piece of the Moderna story heading into year‑end.

This week’s big story: $1.5 billion Ares loan and three‑year plan

Beyond today’s short‑interest headlines, Moderna spent the past week rolling out a new financing package and multi‑year strategy that will shape the stock for years.

1. $1.5 billion, five‑year loan from Ares Management

On November 20, Moderna announced that it has secured a five‑year term loan facility of up to $1.5 billion from Ares Management: ^[12]

$600 million is funded at closing, with additional tranches available in 2027 and 2028.
Management framed the deal as non‑dilutive financing that extends its cash runway while it invests in late‑stage programs. ^[13]
The company reiterated a target to break even by 2028, helped by cost cuts and a broader vaccine portfolio. ^[14]

Commentary from Reuters, FiercePharma and Barron’s has focused on the tension between the stronger balance‑sheet story and the signal that Moderna felt the need to shore up cash after a multiyear slide in COVID vaccine revenues. ^[15]

2. Analyst Day: up to 10% revenue growth in 2026 and path to break‑even

At its Analyst Day on November 20, Moderna laid out a three‑year strategy that investors are still digesting this weekend: ^[16]

Key goals and messages:

Revenue growth: Targeting up to 10% revenue growth in 2026, off a 2025 revenue base of $1.6–$2.0 billion (as guided with Q3 results). ^[17]
Break‑even timeline: Reiterated goal to reach cash break‑even around 2028, supported by both cost cuts and new product launches. ^[18]
Seasonal vaccine franchise: Plan to grow from today’s products (COVID and RSV) to as many as six approved seasonal vaccines by 2028, including flu, a COVID‑flu combo and norovirus. ^[19]
Oncology: Highlighted nine ongoing Phase 2 and Phase 3 oncology studies, including three Phase 3 programs for intismeran, and continued development of a personalised cancer vaccine with Merck. ^[20]

Investors and analysts came away with a message that Moderna remains in heavy investment mode: revenue is smaller and more volatile than during the pandemic, but the company is betting big on an mRNA platform across infectious disease and cancer.

Manufacturing expansion: completing the U.S. mRNA network

Another important theme this week is manufacturing resilience and onshoring.

On November 19, Moderna announced a $140 million investment to add fill‑finish” drug‑product capabilities at its Norwood, Massachusetts site, completing what it calls a full end‑to‑end mRNA manufacturing network in the U.S. ^[21]
The project is expected to be completed in the first half of 2027 and create hundreds of biomanufacturing jobs, while reducing reliance on contract manufacturers. ^[22]

Press releases and coverage emphasise this as both a strategic and political move: onshoring critical vaccine manufacturing aligns with broader U.S. policy trends and may also support faster future responses to pandemics.

Q3 2025 earnings: deep revenue decline, tighter guidance

Much of today’s valuation debate goes back to Moderna’s third‑quarter 2025 results, released November 6. ^[23]

Highlights:

Revenue:$1.0 billion in Q3 2025, down about 45% year‑over‑year from $1.9 billion, mainly due to lower COVID vaccine sales.
COVID vaccine: About $971 million in Q3 COVID vaccine revenue, split between U.S. and international markets, reflecting lower vaccination rates versus 2024. ^[24]
RSV vaccine (mRESVIA): A modest $2 million in sales in the quarter, but with approvals now in 40 countries for adults 60+ and in many countries for at‑risk adults aged 18–59. ^[25]
Profitability:GAAP net loss of about $0.2 billion and GAAP EPS of –$0.51, an improvement versus prior periods thanks to aggressive cost cuts and lower write‑offs. ^[26]
Guidance:
- 2025 revenue outlook narrowed to $1.6–$2.0 billion.
- 2025 GAAP operating expenses trimmed to $5.2–$5.4 billion, about $0.7 billion lower than earlier expectations.
- Year‑end 2025 cash expected at $6.5–$7.0 billion, up by $0.5–$1.0 billion versus prior guidance, partly due to slower spending. ^[27]

Bloomberg and BiopharmaDive noted that the quarter beat Wall Street loss expectations, thanks to cost discipline, but underscored the steady erosion of COVID sales and the need for new products to fill the gap. ^[28]

Pipeline reshaping: program cuts, CMV setback and oncology focus

Part of the short‑seller thesis revolves around whether Moderna’s pipeline can justify ongoing heavy R&D spend.

CMV vaccine disappointment

In October, Moderna reported that its cytomegalovirus (CMV) vaccine, once viewed as a potential multibillion‑dollar product, failed to meet key expectations in a pivotal study, delivering immune responses well below” target levels. ^[29]

The setback removes a major potential revenue pillar from the medium‑term story and increases pressure on other late‑stage programs.

Pipeline cuts in herpes and shingles

More recently, Moderna has dropped or de‑prioritized several additional programs, including: ^[30]

mRNA‑1608, a therapeutic vaccine candidate for herpes simplex virus (HSV)
mRNA‑1468, a shingles (herpes zoster) vaccine for older adults
A program for glycogen storage disease type 1a, among others

FierceBiotech and Barron’s describe the moves as part of a reshaping” of Moderna’s pipeline, freeing cash for later‑stage vaccines and oncology.

Oncology still central to the long‑term bull case

Despite the setbacks, Moderna continues to talk up its oncology ambitions:

At ESMO 2025, executives highlighted an mRNA‑based cancer immunotherapy (mRNA‑4359) and reiterated their belief that cancer could be a major long‑term growth driver. ^[31]
The company and Merck are working on a personalised cancer vaccine for melanoma and potentially other tumours, with late‑stage data anticipated later in the decade. ^[32]

For now, however, none of these oncology assets are generating commercial revenue, which is why short‑sellers remain sceptical and many analysts sit on the fence.

How Wall Street sees Moderna stock right now

Analyst commentary around Moderna tightened noticeably in November, following the Analyst Day and the loan announcement.

Rating changes and price targets

Recent moves include:

RBC Capital: Sector Perform”, price target cut from $28 to $25, reflecting cautious optimism on the pipeline but concern about near‑term cash burn. ^[33]
Needham: Reiterated Hold” after the company’s R&D update, signalling that the risk–reward is balanced at current levels. ^[34]
Morgan Stanley: Maintained Hold” with a $30 target, citing ambitious growth plans and financial complexities.” ^[35]
Piper Sandler: Kept an Overweight” rating but lowered its target to $63, still well above the current price but sharply reduced from prior expectations. ^[36]
Leerink Partners: Raised its target from $15 to $18, remaining among the most cautious on the Street. ^[37]
Bank of America, JPMorgan, Barclays and others have also trimmed targets and, in several cases, carry Underperform” or Underweight” ratings, with targets in the low‑20s to mid‑20s. ^[38]

Consensus picture

Across major data providers:

The consensus rating on MRNA is effectively Hold” or Neutral.” ^[39]
Average 12‑month price targets cluster in the high‑$20s to low‑$30s, implying roughly 25–40% upside from Friday’s close of $23.72. ^[40]

The message from Wall Street is clear: there is upside if Moderna executes, but the risks around demand, cash burn and pipeline delivery are high enough to keep most firms out of the strong buy” camp.

Valuation, fundamentals and the short thesis

Using trailing figures from StockAnalysis and other financial sites: ^[41]

Revenue (TTM): about $2.2 billion
Market cap: roughly $9.3 billion
Price‑to‑sales (trailing): around 4x
EPS (TTM): about –$8.05, so the stock has no meaningful P/E on a GAAP basis.

Short‑sellers focus on:

Shrinking COVID market: Even with the 2025‑26 Spikevax formulation showing good immune responses and updated regulatory approvals, public demand is structurally lower than during the pandemic. ^[42]
Pipeline uncertainty: The CMV failure, pipeline cuts, and lack of near‑term oncology revenue make future cash flows hard to model. ^[43]
High fixed costs: Even after cost cuts, R&D and SG&A remain heavy relative to the current revenue base. ^[44]

Bulls counter that:

Moderna still sits on billions in cash plus the new loan facility, giving it a long runway. ^[45]
The seasonal vaccine portfolio (COVID, RSV, flu and combinations) could rebuild sales into the mid‑single‑digit billions over time, especially as international launches ramp. ^[46]
Any strong late‑stage oncology data could significantly change the valuation narrative. ^[47]

Given the high short interest, even modest positive surprises on vaccine uptake, cash burn, or trial readouts could force bears to cover, amplifying upside moves.

What to watch after November 23, 2025

For traders and long‑term investors following MRNA after this weekend, key catalysts include:

Vaccine demand through the winter season
- Updated COVID guidance from health authorities and real‑world uptake of Moderna’s 2025‑26 Spikevax and RSV shots will determine how close the company lands to the $1.6–$2.0 billion revenue range. ^[48]
Execution on cost reductions
- The market will be watching whether Moderna can stick to its $5.2–$5.4 billion operating‑expense target and further trim cash burn without damaging its core pipeline. ^[49]
Progress on new vaccines
- Regulatory milestones and trial data for flu, COVID‑flu combo and norovirus vaccines will be important signposts for the 2026–28 revenue plan. ^[50]
Oncology readouts and partnerships
- Any updates from Phase 2/3 oncology programs, or expanded collaborations (for example with Merck), could reshape expectations for Moderna’s long‑term earnings power. ^[51]
Short interest trends
- With Moderna now flagged as one of the most shorted names in the S&P 500, changes in short interest — up or down — will be watched closely as a sentiment indicator. ^[52]

Bottom line on Moderna stock today

As of November 23, 2025, Moderna sits at a crossroads:

The stock is deeply out of favour, trading near 52‑week lows despite a still‑meaningful vaccine franchise and a broad mRNA pipeline. ^[53]
Management has outlined a credible but challenging path: modest ~10% revenue growth in 2026, a broader seasonal vaccine portfolio, aggressive cost cuts, and a push toward break‑even by 2028. ^[54]
The short‑interest surge and mixed analyst ratings highlight just how divided the market is on whether that plan will succeed. ^[55]

For now, Moderna remains a high‑risk, high‑volatility biotech stock where news on vaccine uptake, trial results and cash burn can move the share price sharply in either direction.

This article is for information and news purposes only and does not constitute investment advice or a recommendation to buy or sell Moderna shares. Always do your own research and consider speaking with a qualified financial adviser before making investment decisions.