Short sellers letting up in biotechs

Posted Jun 11th 2008 4:30PM by Jon Ogg
Filed under: Amgen Inc (AMGN), Gilead Sciences (GILD), ImClone Systems (IMCL)

Short selling often tells much about what is going on in a sector, particularly when there is a common trend across the major players in that sector.

The end of May short selling can now be accessed from NASDAQ. Interestingly enough, short sellers at the end of May lightened up almost across the board on major NASDAQ biotech stocks from May 15 to May 30:

STOCK (Ticker)	MAY 30	MAY 15	CHANGE
Amgen Inc. (NASDAQ: AMGN)	22,678,517	24,778,770	-8.48%
Biogen Idec Inc. (NASDAQ: BIIB)	6,346,464	6,788,432	-6.51%
Celgene Corporation (NASDAQ: CELG)	13,775,373	16,336,232	-15.68%
Gilead Sciences, Inc. (NASDAQ: GILD)	32,478,444	32,690,603	-0.65%
ImClone Systems Inc. (NASDAQ: IMCL)	7,149,395	7,664,009	-6.71%

From the major names, a change in the overall trend can be spotted.

You can see the full short selling report for biotechs at BioHealthinvestor.com to see which other biotechs had an increase in short selling and to also see what the more active biotechs with lower market caps saw in their short selling activity.

Tags: AMGN, BIIB, biotech, CELG, GILD, IMCL, short selling