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Health Care

S3 Analytics: Shorts Re-entering Biogen as Stock is Down 29% on Pulled Alzheimer Drug

Biotech leader Biogen Inc (BIIB) is down 29% on news that it is pulling its Alzheimer disease drug candidate “Aducanumab” from late stage trials due to lack of efficacy.

BIIB short interest is $952 million; 2.97 million shares short; 1.52% of float; 0.330% stock borrow fee. Biogen is the 6th most shorted stock in the worldwide biotechnology sector.

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S3 Analytics: Massive ELAN Recalls May Trigger Short Squeeze

Elanco Animal Health Inc. (ELAN) shares shorted more than quadrupled in 2019, increasing by 40.3 million shares, and increased by 8.2 million shares over the last week, +20%, but shorts will probably be forced to cover some of their outstanding positions over the next few days as we are seeing a tsunami of recalls hitting the street today. Over 9 million shares of ELAN stock were recalled today and with minimal amount of lendable stock left on the street, shorts will have to close out some of their positions in order to satisfy their outstanding recall requests. In addition to ELAN short selling, we are also seeing increased Eli Lilly & Co (LLY) short selling as well, with shares shorted more than doubling over the last two weeks, increasing by 40.2 million shares to 75.4 million shares shorted.

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S3 Analytics: Aimmune Therapeutics Inc (AIMT) Update

Aimmune Therapeutics Inc (AIMT) short interest is $167 million; 6.90 million shares shorted; 18.09% of float; stock borrow cost is 30 bps fee (general collateral).

AIMT shares shorted have been relatively stable in 2019, up only 259k, +3.90% in 2019. But we saw an steady increase in February, with 356k shares shorted, a 5.44% increase.

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S3 Analytics: Elanco Animal Health (ELAN US) Update

Elanco Animal Health Inc (ELAN) short interest is $835 million; 28.45 million shares shorted; 39.42% short interest % of float; 9.90% stock borrow fee.

ELAN had the third largest increase in shares shorted this week, and increase of 7.77 million shares or +37.55%. In addition to an increase in short selling, overall total trading volume and option trading volume in ELAN has been well above average over the last wee kas well.

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S3 Analytics: Shorts Down $23 Billion as U.S. Indexes Rally Over 3% Over the Last Week

The weeklong rally from last week’s lows has taken a bite out of the $93.7 billion of mark-to-market profits, +11.12%, short sellers have earned since the beginning of October. Over the last week the S&P 500 index increased by 3.31%, the Nasdaq by 4.3% and the Russell 3000 by 3.23%. The S3 Blacklight platform tracks over 8,000 U.S. domestic equity shorts worth over $825 billion, which incurred mark-to-market losses of $23.3 billion, or -2.86%, over the last week.

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S3 Analytics: HK\China Short Sellers up 18% in 2018 Mark to Market Profits

Hong Kong\China short sellers have been actively shorting into the declining Hong Kong and Chinese markets and generated $17.3 billion in mark-to-market profits, +18.0%, as the Hang Seng Index declined 16.7% and the CSI 300 Index declined by 25.8% in 2018. Short sellers continue to increase their positions as their profits build, adding $1.7 billion in new shorts throughout the year. Hong Kong\China with $80 billion in short interest is the second most shorted country behind the U.S. ($911 billion) and ahead of Japan ($73 billion) and the U.K. ($66 billion.)

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Amazon.com’s (AMZN) pursuit of being the retailer of choice for as many product lines as possible has reached into the prescription drug industry with its purchase of online pharmacy PillPack Inc. (Private Company) for an estimated $1 billion. This follows CEO Jeff Bezos’ recent alliance with Berkshire Hathaway Inc. (BRK/AB) and JPMorgan Chase (JPM) to form a joint venture to address the complexity and high cost of worker health benefits. Stocks in the soon to be disrupted Drug Retail and Healthcare Distribution Sectors felt the pain immediately with the average stock price in the two sectors down 5.6% at the close. AMZN’s stock price is up 2.5% on the news, generating a $20 billion increase in its market cap on the impending $1 billion PillPack purchase.

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Tracking $1.6 trillion of worldwide short interest in S3’s Blacklight SaaS platform and standalone Black App we can see which shorted securities had the most and least profitable month of April on a mark-to-market P/L basis. I’ll be breaking down the top ten winners and losers in the U.S., Worldwide ex-U.S. and worldwide Exchange Traded Products.

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