Health and Healthcare
Short Sellers Increase Bets Against Biotech as Shares Continue to Rise
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The short interest data are out for the February 13 settlement date. Biotech companies are considered a riskier group of stocks, with big upside and big downside. FDA rulings can make or break them. A single failed clinical trial can mean disaster for a stock. 24/7 Wall St. has reviewed the top biotech companies, without focusing on speculative companies.
The February short interest data have been compared with the January 30 figures, and across the board, all the selected stocks have seen their short interest increase.
Amgen Inc. (NASDAQ: AMGN) saw its short interest increase to 9.8 million shares, with 2.5 days to cover. The previous short interest reading was 7.0 million with about two days to cover. The short interest for Amgen took a dip on the past four settlement dates, recording the lowest levels on the year, with the previous level being the 52-week low. Shares closed Wednesday at $158.08, in a 52-week trading range of $108.20 to $173.14.
Biogen Idec Inc. (NASDAQ: BIIB) saw its short interest increase to 3.3 million, with 1.9 days to cover, from the previous level of 3.1 million shares, with 1.7 days to cover. The company is coming off its lowest short interest readings for the year and seemingly returning to its most recent historical levels. Shares closed Wednesday at $408.94, within a 52-week trading range of $272.02 to $412.02.
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Celgene Corp. (NASDAQ: CELG) saw a short interest increase for this settlement date, up barely to 11.1 million shares, with 1.9 days to cover. The level for the previous settlement date was 11 million, with 2.3 days to cover. Since March, Celgene had recorded its two lowest relative readings in December. This potentially signals some optimism from investors. Shares of Celgene closed Wednesday at $123.10, in a 52-week trading range of $66.85 to $125.45.
Gilead Sciences Inc. (NASDAQ: GILD) saw its short interest increase to 55.1 million, with 3.2 days to cover, from 53.0 million, with 4.3 days to cover. Investors seem to have backed off shorting this stock in September, when shares were poised to hit 52-week highs. Prior to September, short interest was as high as 98 million. Shares closed Wednesday at $104.43, in a 52-week trading range of $63.50 to $116.83.
Mannkind Corp. (NASDAQ: MNKD) saw its short interest rise to 86.1 million shares, with 9.2 days to cover. The previous reading was 80.7 million, with 16.6 days to cover. The current short interest reading for Mannkind is the 52-week high by roughly 4 million. Shares closed Wednesday at $6.91. The 52-week trading range is $3.80 to $11.48.
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Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) short interest increased to 3.1 million shares, with 2.2 days to cover, up from the previous level of 2.9 million, with 1.9 days to cover. The past seven readings since mid-November have been the lowest for the past 52-weeks. Shares closed Wednesday at $184.90, in a 52-week trading range of $136.37 to $203.30.
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