Short Interest in Biotech Becomes Company Specific

The September 30 short interest data has been updated from the September 15 release, and the direction in biotech leaders is one that has moved from directional into a situation where short sellers are becoming stock-specific in their focus.

Amgen Inc. (NASDAQ: AMGN) saw its short interest fall to 10.98 million, with 3.58 days cover. The reading from mid-September was the 52-week high for short interest at 12.17 million shares. During this time, the share price posted an annual high of $144.46 in mid-September. The company’s stock closed Thursday at $137.58, and it has a 52-week trading range of $108.20 to $144.46.

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Biogen Idec Inc. (NASDAQ: BIIB) saw its short interest rise to 3.10 million, with 2.71 days to cover, from the 2.98 million shares short in mid-September. Biogen is another company that has kept its short interest within a consistent range, specifically 2.0 million to 3.5 million. Shares closed Thursday at $319.19, and they have a 52-week trading range of $230.25 to $358.89.

Celgene Corp. (NASDAQ: CELG) saw its short interest fall to 11.75 million, with 2.47 days to cover. The previous short interest levels were 12.07 million in mid-September and 13.61 million in late August. The short interest for Celgene can be split into two halves for the year: prior to April short interest held within a range of 4 million to 6 million shares, and since April the range has been 11 million to 15 million. Although the current reading is the lowest since the spike in April. The company’s stock closed Thursday at $92.38, and it has a 52-week trading range of $66.85 to $96.50.

Gilead Sciences, Inc. (NASDAQ: GILD) saw its short interest fall to 48 million shares, with 3.39 days to cover, from the previous level of 62.4 million. This is the lowest number of shares short for Gilead in the past 52-weeks, and it has delineated at declining trend in short interest since late-July. The company’s stock closed Thursday at $105.85, within a 52-week range of $61.81 to $110.64.

MannKind Corp. (NASDAQ: MNKD) saw its short interest rise to 78.58 million, with 14.5 days to cover, against the previous 74.29 million shares short. The current level is the highest short interest reading for the past 52 weeks. Investors appear bearish on this stock and have latched on to its most recent slide from its 52-week high in June. The company’s stock closed Thursday at $4.97, and it has a 52-week trading range of $3.80 to $11.48.

Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) saw its short interest fall to 3.32 million, with 2.67 days to cover, from the previous level in mid-September of 3.77 million. Alexion has stayed consistent within the range of 3 million to 4.5 million shares short throughout the past 52-weeks. The stock closed Thursday at $170.30, within a 52-week trading range of $100.89 to $185.43.

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