The short interest data have been released for the April 15 settlement date. Pharmaceutical companies usually are 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 April 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 massively fall to 149.82 million shares from the previous 323.94 million. The previous reading is the highest on the year. Shares of Pfizer closed Tuesday at $33.05, within a 52-week trading range of $28.25 to $36.46.

Merck & Co. Inc. (NYSE: MRK) saw an increase in short interest to 30.40 million shares from 28.66 million in the previous period. Merck shares closed Tuesday at $56.04, in a 52-week range of $45.69 to $61.70.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) short interest increased to 22.40 million shares. The previous level was 18.05 million. The current level is the highest in the past 52 weeks. Shares of Teva closed Tuesday at $55.50, in a 52-week range of $52.62 to $72.31.

Bristol-Myers Squibb Co. (NYSE: BMY) saw its short interest decrease to 21.50 million shares from the previous reading of 22.18 million. Shares closed Tuesday at $70.86, within a 52-week range of $51.82 to $71.07.

AbbVie Inc. (NYSE: ABBV) short interest decreased slightly to 21.76 million shares, compared to the previous level of 22.53 million. Short interest has backed way off its highest level of the past year last May. Shares of AbbVie closed Tuesday at $60.93, in a 52-week trading range of $45.45 to $71.60.

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