One of the most shorted stocks on the market just leapt 99%, putting a ‘rib-crunching' squeeze on bearish bettors [Fortune]
Sanofi - American Depositary Shares (SNY)
US:NYSE Investor Relations:
sanofi.com/en/investors
Company Research
Source: Fortune
Shares of the vaccine maker soared 99% Friday, after the company signed a $1.2 billion licensing agreement with Sanofi that includes commercializing a combined Covid-19 and flu shot. The move boosts a stock that had plunged about 99% — prior to the deal — from its 2021 peak amid waning demand for its Covid vaccine. Friday's surge, however, delivered paper losses of about $255 million to short sellers, according to data from S3 Partners LLC. The biotech stock is a crowded position for short sellers, with less than 1 million shares available to borrow to support new sales, according to S3. The rapid gain in Novavax shares puts traders at risk of getting squeezed, a phenomenon where short sellers are forced to buy back the stock to unload their losing positions. The short covering drives the company's share price higher, adding further pressure to the contrarian traders. “We expect a rib-crunching short squeeze in Novavax with short sellers taking huge losses on the market open an
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SNY
Sec Filings
- 5/2/24 - Form 6-K
- 4/25/24 - Form 6-K
- 4/4/24 - Form F-3ASR
- SNY's page on the SEC website