Immunomedics Inc (IMMU) stock price is down 29% in mid-morning trading as its lead drug, Sacituzumab Govitecan, failed to get FDA approval. Short interest is $533 million, 29.49 million shares shorted, 18.29% of its float, stock borrow cost is 30 bps.
Shorts have been actively shorting the stock since August 2018 and this news should spur on more short selling.
We are seeing additional short selling this morning, over 300k new shares shorted so far and would expect more if IMMUâ€™s price weakness continues today.
Shorts are up $154 million in mark-to-market profits this morning, bringing year-to-date P\L into the black, up $45 million for the year.
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Managing Director Predictive Analytics, S3 Partners, LLC
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