Short Sellers Take Mixed Stance on Major Pharma
The May 13 short interest data have been compared with the previous figures, and for the selected pharmaceutical stocks short interest was mixed.
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The short interest data have been released for the May 13 settlement date. Pharmaceutical companies usually are 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.
The May 13 short interest data have been compared with the previous figures, and for the selected pharmaceutical stocks short interest was mixed.
Pfizer Inc. (NYSE: PFE) saw its short interest drop to 84.20 million shares from the previous 108.39 million. Shares of Pfizer closed Tuesday at $34.10, within a 52-week trading range of $28.25 to $36.46.
Merck & Co. Inc. (NYSE: MRK) had a slight increase in short interest to 27.87 million shares from 27.68 million in the previous period. Merck shares closed Tuesday at $55.60, in a 52-week range of $45.69 to $61.70.
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Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) short interest increased to 26.20 million shares. The previous level was 24.61 million. The current level is the highest in the past 52 weeks. Shares of Teva closed Tuesday at $51.89, in a 52-week range of $49.51 to $72.31.
Bristol-Myers Squibb Co. (NYSE: BMY) saw its short interest decrease to 17.59 million shares from the previous reading of 19.64 million. Shares closed Tuesday at $71.23, within a 52-week range of $51.82 to $73.06.
AbbVie Inc. (NYSE: ABBV) short interest increased to 28.10 million shares, compared to the previous level of 20.99 million. Shares of AbbVie closed Tuesday at $60.70, in a 52-week trading range of $45.45 to $71.60.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
