The short interest data has been released for the May 15 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 May 15 short interest data have been compared with the previous figures, and for the selected stocks, short interest is mixed.
Pfizer Inc. (NYSE: PFE) saw its short interest decrease to 74.37 million shares from the previous 88.84 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 Wednesday at $34.30, within a 52-week trading range of $27.51 to $35.53.
Merck & Co. Inc. (NYSE: MRK) saw its short interest increase to 32.07 million shares from 31.46 million in the previous period. The current reading is one of the highest in the past 52 weeks. Merck shares closed Wednesday at $59.46, in a 52-week trading range of $52.49 to $63.62.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) short interest fell only slightly to 7.02 million shares. The level for the previous settlement date was 7.18 million. Prior to the past few readings, shares had not been over the 7 million mark since last June. Shares of Teva closed Wednesday at $60.70, in a 52-week range of $47.36 to $68.75.
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Bristol-Myers Squibb Co. (NYSE: BMY) saw its short interest rise to 23.09 million shares from the previous reading of 21.08 million. The previous two readings are the lowest short interest on the year. It is also worth mentioning that as the stock has pushed higher recently, short interest has backed off to some of its lowest levels on the year. Bristol-Myers shares closed Wednesday at $68.40, within a 52-week trading range of $46.30 to $69.86.
AbbVie Inc. (NYSE: ABBV) short interest increased to 29.57 million shares from the previous level, 26.24 million. Short interest is at its highest level year to date, but this pales in comparison to readings that it posted in 2014, as high as 111.9 million, nearly four-times as large as the current reading. Shares of AbbVie closed Wednesday at $67.38, in a 52-week trading range of $51.37 to $70.76.
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