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MiniMed Short Interest Rises to 102.9%
Welcome to this week's installment of "The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was up 1.3%, the Nasdaq Composite was up 1.2%, the Russell 2000 index was down 0.4%, the Russell 2000 Growth ETFwas down 1.2% and the Russell 2000 Value ETFwas flat in the five-day trading session range through October 8.SHORT INTEREST GAINERSAs profiled last week, Ortex-reported short interest in MiniMedhas been climbing steadily since mid-September as the stock price has continued to close its post-earnings gap higher on September 1st. This week, however, the bearish positioning increase to yet another record high was particularly pronounced. Short interest as a percentage of free float on MiniMed jumped from 78.6% to 102.9%, though days-to-cover fell from 12.5 to 10.5 as trading activity on the stock spiked. The stock was up about 1% in the five-day period covered, with shares of MiniMed still trading close to their initial IPO levels below $20 after topping $24 per share following Q4 results in early September.Ortex-reported short interest in Lovesactroughed around 24% in the final week of August and has been trending to the upside since. This week short interest as a percentage of free float increased from 30.4% to 34.2% - the highest level since late April. Days to cover on the name rose from 13.3 to 15.0 as trading volumes have dropped off over the past two weeks. Shares were up 2.5% in the five-day period through Thursday but inclusive of Friday's 2.6% slide, Lovesac is down about 4% year-to-date – middle of the pack among its furnishings and fixtures peers.Ortex-reported short interest in Sable Offshorehad tracked within the 32% to 34% range from mid-August through the final week of September as the stock price fell deeper below $5, but while the retreat in shares appears to have subsided this week, bears are betting on further downside. In the five-day period through Thursday, short interest as a percentage of free float rose from 36.9% to 41.3% - a two-month high. Days to cover was up a more modest margin from 5.7 to 5.9 – a three-month high. While the stock was up 17% this week, Sable has lost 59% year-to-date, though a constructive research note from William Blair earlier this week, speculating that the days of production and cash flow delays may be in the past, may help recast the outlook for this mixed-sentiment energy play.SHORT INTEREST DECLINERSShares of Replimunehad doubled overnight on July 30 following a positive FDA AdCom vote in favor of the company's experimental melanoma treatment RP1 and multiple subsequent sell-side upgrades. Bears, seeking some profit-taking from the extreme stock price jolt, boosted exposure from 33% to about 43% over the coming month, but with shares holding their gains, that thesis is being reconsidered. This week, Ortex-reported short interest on Replimune was down from 33.4% to 30.7% and days-to-cover on the name slipped from 5.5 to 5.1. Shares were off by 3.1% in the five-day period through Thursday but bounced by nearly 3% on Friday and now stand with a year-to-date gain of 38%.
Replimune Announces Tudriqev Now Available in the U.S.
Replimune Group announced that Tudriqev is now commercially available in the United States. Tudriqev is indicated in combination with nivolumab for the treatment of adult patients with unresectable advanced cutaneous melanoma who experienced disease progression with a programmed death receptor-1-blocking antibody-based regimen. This indication is approved under accelerated approval based on objective response rate and duration of response. Continued approval for this indication may be contingent upon verification of clinical benefit in a confirmatory trial(s). Tudriqev received accelerated approval from the FDA in early August. Beginning today, healthcare providers can order Tudriqev for next day delivery.
Replimune Files Automatic Mixed Securities Shelf
Replimune files automatic mixed securities shelf
Leerink, JPMorgan and Cantor Fitzgerald Jointly Manage Offering
Leerink, JPMorgan and Cantor Fitzgerald are acting as joint book running managers for the offering. The deal priced at its 08/07 close price.
Replimune Receives FDA Accelerated Approval for Tudriqev in Melanoma
Replimune announced that the FDA has granted accelerated approval for Tudriqev, previously referred to as RP1, in combination with nivolumab for the treatment of adults with unresectable advanced cutaneous melanoma who experienced disease progression on an anti-PD-1 antibody-based regimen. The IGNYTE trial enrolled 140 patients with 91 patients with at least one non-injected lesion included in the efficacy-evaluable population. In this population, Tudriqev plus nivolumab achieved an objective response rate of 24.2%, with a median duration of response of 14.1 months. Treatment was well tolerated with mostly mild-to-moderate adverse events. This indication is approved under accelerated approval based on objective response rate and duration of response. Continued approval for this indication may be contingent on verification of clinical benefit in a confirmatory trial.
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