The short interest data have been released for the August 31 settlement date. Pharmaceutical companies are usually involved in a lengthy process in getting their drug candidates to market through clinical trials. There is a fair amount of risk involved, should a study come back negative or a candidate not be approved. Conversely, if a drug is approved or passes a clinical trial, there can be big upside.
Source: Thinkstock
The August 31 short interest data have been compared with the previous figures, and for the selected stocks, short interest is mixed.
Pfizer Inc. (NYSE: PFE) saw its short interest jump to 55.66 million shares from the previous 45.59 million. In February, short interest spiked incredibly, and since that time it has slowly backed off. The highest short interest reading on the year was 207.4 million. Shares of Pfizer closed Thursday at $32.62, within a 52-week trading range of $27.51 to $36.46.
Merck & Co. Inc. (NYSE: MRK) saw short interest increase to 35.63 million shares from 30.14 million in the previous period. The current reading is the highest in the past 52 weeks. Merck shares closed Thursday at $52.27, in a 52-week trading range of $45.69 to $63.62.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) short interest fell to 9.54 million shares. The previous level was its highest level in the past 52 weeks, at 10.25 million. Shares of Teva closed Thursday at $62.04, in a 52-week range of $47.36 to $72.31.
Bristol-Myers Squibb Co. (NYSE: BMY) saw its short interest increase to 20.44 million shares from the previous reading of 19.89 million. The past few readings are among the lowest of the year, with the previous reading being the lowest. Bristol-Myers shares closed Thursday at $58.75, within a 52-week range of $47.55 to $70.54.
AbbVie Inc. (NYSE: ABBV) short interest continued its big turn downward, to 30.61 million shares from the previous level of 36.56 million. Short interest has backed way off its highest level year to date; the highest reading in the past 52 weeks was 111.88 million. Shares of AbbVie closed Thursday at $59.58, in a 52-week trading range of $52.06 to $71.60.
ALSO READ: Short Sellers Increase Bets in Major Biotechs
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