Health and Healthcare

Short Sellers Run for Cover in Big Pharma

The short interest data have been released for the June 30 settlement date. Pharmaceutical companies are usually 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 June 30 short interest data have been compared with the previous figures, and across the selected stocks, short interest decreased.

Pfizer Inc. (NYSE: PFE) saw its short interest decrease to 68.44 million shares from the previous 73.77 million. In February, short interest spiked incredibly, and since that time it has slowly backed off. The highest short interest reading on the year was 207.4 million. Shares of Pfizer closed Friday at $34.36, within a 52-week trading range of $27.51 to $35.53.

Merck & Co. Inc. (NYSE: MRK) saw its short interest increase only slightly to 32.69 million shares from 32.11 million in the previous period. The current and previous readings are some of the highest in the past 52 weeks. Merck shares closed Friday at $57.95, in a 52-week trading range of $52.49 to $63.62.

Teva Pharmaceutical Industries Ltd.‘s (NYSE: TEVA) short interest rose to 6.64 million shares. The level for the previous settlement date was 5.87 million. Shares of Teva closed Friday at $61.38, in a 52-week range of $47.36 to $68.75.

ALSO READ: Short Sellers Back Off Big Biotech

Bristol-Myers Squibb Co. (NYSE: BMY) saw its short interest fall to 22.59 million shares from the previous reading of 23.38 million. The past few readings, including the current one, are the lowest short interest of the year. Bristol-Myers shares closed Friday at $69.27, within a 52-week trading range of $47.55 to $69.86.

AbbVie Inc.‘s (NYSE: ABBV) short interest decreased to 77.38 million shares from the previous level of 86.38 million. Short interest has backed off its highest level year to date; the highest reading in the past 52-weeks was 111.88 million. Shares of AbbVie closed Friday at $69.23, in a 52-week trading range of $51.37 to $70.76.

Take Charge of Your Retirement In Just A Few Minutes (Sponsor)

Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s made it easier than ever for you to connect with a vetted financial advisor.

Here’s how it works:

  1. Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
  2. Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
  3. Choose Your  Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.

Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!

 

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.