Moderna's 35.1% Volume Spike Propels It to 260th in Liquidity as Shares Plunge 6.53%

On August 25, 2025, Moderna (MRNA) recorded a trading volume of $0.34 billion, marking a 35.1% increase from the previous day and ranking 260th among stocks by liquidity. Despite elevated trading activity, the stock closed down 6.53%, signaling a sharp divergence between volume and price action. This volatility suggests heightened investor activity without corresponding directional consensus, potentially driven by earnings-related positioning or short-term speculative flows.

The 1-day backtest of a volume-based strategy revealed mixed outcomes. Selecting the top 500 stocks by daily trading volume and holding for one day generated a 0.98% average return, with cumulative gains of 31.52% over 365 days. The Sharpe ratio of 0.79 indicates acceptable risk-adjusted performance, though the strategy faced challenges during extreme market swings, evidenced by a peak daily return of 4.95% and a trough of -4.47%. This highlights the inherent trade-off between liquidity-driven momentum capture and exposure to short-term market noise.