The short interest data have been released for the October 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 October 15 short interest data have been compared with the previous figures, and for most of the selected pharmaceutical stocks, short interest was mixed.
Pfizer Inc. (NYSE: PFE) saw its short interest fall to 71.37 million shares from the previous 72.70 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 Monday at $34.16, within a 52-week trading range of $28.47 to $36.46.
Merck & Co. Inc. (NYSE: MRK) saw short interest decrease to 38.03 million shares from 40.97 million in the previous period. The previous reading is the highest in the past 52 weeks. Merck shares closed Monday at $52.91, in a 52-week trading range of $45.69 to $63.62.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) short interest rose to 7.93 million shares. The previous level was 7.57 million. The highest level in the past 52 weeks was 10.25 million in mid-August. Shares of Teva closed Monday at $59.71, in a 52-week range of $53.41 to $72.31.
Bristol-Myers Squibb Co. (NYSE: BMY) saw its short interest decreased to 24.76 million shares from the previous reading of 25.65 million. Bristol-Myers shares closed Monday at $64.55, within a 52-week range of $51.82 to $70.54.
AbbVie Inc. (NYSE: ABBV) short interest increased to 34.17 million shares from the previous level of 32.17 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 Monday at $51.87, in a 52-week trading range of $45.45 to $71.60.
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