Mixed Readings For Biotech Short Interest

The November 14 short interest data has been compared with the October 31 figures, and biotech companies have received mixed readings but for the most part short interest is down.

Amgen Inc. (NASDAQ: AMGN) saw its short interest fall to 9.7 million shares, with 2.51 days to cover. The previous level was 10.8 million. Short interest has retreated from the 52-week high in mid-September of 12.17 million. Despite this, the share price posted an annual high of $165.68 in late November. The stock closed Tuesday at $162.24, and it has a 52-week trading range of $108.20 to $165.68.

Biogen Idec Inc. (NASDAQ: BIIB) saw its short interest drop to 2.48 million, with 2.01 days to cover, from the 2.68 million shares short in late October. Biogen is another company with short interest within a consistent range, specifically 2.0 million to 3.5 million. Shares closed Tuesday at $305.40, and they have a 52-week trading range of $270.27 to $358.89.

Celgene Corp. (NASDAQ: CELG) saw its short interest fall to 12.4 million shares, with 2.76 days to cover. The number of shares short was 13.5 million in late October. 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 then the range has been 11 million to 15 million. Celgene announced a successful drug trial this quarter for its Crohn’s disease treatment, and the reaction in the market was very positive as the stock seemingly continues to push higher highs. Shares closed Tuesday at $111.07, within a 52-week trading range of $66.85 to $112.82.

Gilead Sciences Inc. (NASDAQ: GILD) short interest increased to 53.92 million shares, with 3.42 days to cover, from the previous level of 51.96 million shares. Despite the recent gains in short interest, the past four readings have been the lowest on the year and they have been part of a declining trend in short interest since late July. The stock closed Tuesday at $101.11 and has a 52-week range of $63.50 to $116.83.

MannKind Corp. (NASDAQ: MNKD) saw its short increase marginally to 82.4 million, with 17.23 days to cover, from the previous 82.02 million shares. The current level is the highest reading for the past 52 weeks, and this trend has been pushing higher, excluding a few drops, for basically the whole year. Investors still appear to be bearish on this stock and have latched on to its most recent slide from its 52-week high in June. MannKind shares closed Tuesday at $6.20, 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 2.81 million, with 3.34 days to cover, from 3.21 million in late October. Alexion broke below its normal range for short interest of 3.0 million to 4.5 million shares, giving it the lowest reading on the year. In this period, shares hit a 52-week high. The stock closed Tuesday at $192.77, within a 52-week trading range of $120.14 to $197.64.

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