The short interest data have been released for the January 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 January 15 short interest data have been compared with the previous figures, and for the selected pharmaceutical stocks short interest was mixed.

Pfizer Inc. (NYSE: PFE) saw its short interest remain relatively flat at 123.23 million shares, relative to the previous 123.45 million. The highest short interest reading over the past year was 207.4 million. Shares of Pfizer closed Wednesday at $30.52, within a 52-week trading range of $28.47 to $36.46.

Merck & Co. Inc. (NYSE: MRK) saw short interest increase to 29.95 million shares from 23.87 million in the previous period. Merck shares closed Wednesday at $50.37, in a 52-week trading range of $45.69 to $62.15.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) short interest dropped to 15.98 million shares. The previous level was 16.32 million, the highest in the past 52 weeks. Shares of Teva closed Wednesday at $62.03, in a 52-week trading range of $54.17 to $72.31.

Bristol-Myers Squibb Co. (NYSE: BMY) saw its short interest decrease to 21.86 million shares from the previous reading of 24.29 million. Bristol-Myers shares closed Wednesday at $61.71, within a 52-week range of $51.82 to $70.87.

AbbVie Inc. (NYSE: ABBV) short interest remained relatively flat at 24.45 million shares, compared to the previous level of 24.12 million. Short interest has backed way off its highest level of the past year back in May. Shares of AbbVie closed Wednesday at $57.11, in a 52-week trading range of $45.45 to $71.60.

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