Short Sellers Boost Positions in Major Pharma

Health and Healthcare

Published: September 25, 2015 8:40 am

Last Updated: September 25, 2015 8:43 am

The short interest data have been released for the September 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 September 15 short interest data have been compared with the previous figures, and for most of the selected pharmaceutical stocks, short interest has increased.

Pfizer Inc. (NYSE: PFE) saw its short interest jump to 73.59 million shares from the previous 55.66 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 Thursday at $32.70, within a 52-week trading range of $27.51 to $36.46.

Merck & Co. Inc. (NYSE: MRK) saw short interest increase to 40.05 million shares from 35.63 million in the previous period. The current reading is the highest in the past 52 weeks. Merck shares closed Thursday at $50.59, in a 52-week trading range of $45.69 to $63.62.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) short interest fell to 9.15 million shares. The previous level was 9.54 million. The highest level in the past 52 weeks was 10.25 million in mid-August. Shares of Teva closed Thursday at $60.95, in a 52-week range of $47.36 to $72.31.

Bristol-Myers Squibb Co. (NYSE: BMY) saw its short interest increase to 22.29 million shares from the previous reading of 20.44 million. The past few readings are among the lowest of the year, with the previous reading being the lowest. Bristol-Myers shares closed Thursday at $61.80, within a 52-week range of $47.55 to $70.54.

AbbVie Inc. (NYSE: ABBV) short interest increased to 31.77 million shares from the previous level of 30.61 million. Short interest has backed way off its highest level year to date in May; the highest reading in the past 52 weeks was 111.88 million in October 2014. Shares of AbbVie closed Thursday at $56.57, in a 52-week trading range of $52.06 to $71.60.

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