Martin Shkreli disclosed he was short $MRNA at $80 a few weeks back — said the drug came out of nowhere after everyone had written the company off. He might've been right on fundamentals, especially given the current political headwinds around vaccines. But the mechanics say step aside for now.

Sell-side analysts are just starting to update their models. Price targets are being lifted. Sometimes the trade is reading the flow, not fighting the revision cycle.