Short Sellers Back Off Big Pharma

24/7 Wall St.

Prescription drugsThe short interest data has been released for the May 29 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 29 short interest data have been compared with the previous figures, and for the selected stocks, short interest is down with the exception of one.

Pfizer Inc. (NYSE: PFE) saw its short interest decrease to 62.91 million shares from the previous 74.37 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 Tuesday at $34.01, within a 52-week trading…

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