Short Sellers Run for Cover From Major Biotechs
The short interest data are out for the July 29 settlement date and short interest decreased across these selected biotech stocks.
The short interest data are out for the July 29 settlement date. Companies within the biotech industry are considered a riskier group of stocks, with big potential upside and big potential downside. In fact, a cure or incredible new breakthrough in cancer or Alzheimer’s disease will be worth more than any risks from Brexit or political rhetoric from the campaign trail.
FDA rulings can make or break the biotech sector, and short sellers and mega-bulls often go to war against each other in these companies. After all, if a single failed clinical trial can mean disaster for a stock, then some short sellers can argue for a stock implosion down the road.
24/7 Wall St. has reviewed the top biotech companies, without focusing on speculative companies. The July 29 short interest data have been compared with the previous report, and short interest decreased across these selected biotech stocks.
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Amgen Inc. (NASDAQ: AMGN) saw its short interest decrease to 7.61 million shares from the previous level of 7.82 million. Shares closed most recently at $172.08, in a 52-week trading range of $130.09 to $176.50.
Biogen Inc. (NASDAQ: BIIB) had its short interest retreat slightly to 2.56 million shares from the previous 2.58 million. The stock closed Tuesday at $314.42, within a 52-week range of $223.02 to $333.65.
Celgene Corp. (NASDAQ: CELG) short interest for this settlement date decreased to 5.87 million shares from the previous 7.13 million. Shares closed most recently at $113.80, in a 52-week range of $92.98 to $132.60.
Gilead Sciences Inc. (NASDAQ: GILD) saw its short interest decline to 20.82 million shares from 21.41 million in the previous period. Shares closed Tuesday at $79.31, in a 52-week trading range of $77.92 to $117.70.
MannKind Corp. (NASDAQ: MNKD) saw its short interest pull back to 83.29 million shares. The previous reading was 86.15 million. Shares closed most recently at $0.92, in a 52-week trading range of $0.64 to $4.46.
Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) short interest fall to 5.73 million, compared to the previous level of 6.35 million. Shares closed most recently at $135.00, in a 52-week range of $110.56 to $193.45.
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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.
