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Ever since my first Celsion (NASDAQ:CLSN) article entitled 5 Reasons To Be Bullish On Celsion Now, CLSN has ran to new 1 year, 2 year, and all the way up to 7 year new highs (which it did yet again today as I write this), outperforming many other biotech stocks with weaker fundamentals including Amarin (NASDAQ:AMRN) which I recently recommended investors sell and buy into CLSN instead for a bigger score. One of the reasons cited in my CLSN articles to be bullish was the possibility of a short squeeze which CLSN likely is experiencing now. It therefore begs the question: what other biotechs are hitting new 52 week highs that could possibly experience a short squeeze? These types of long trades, as CLSN has proven, can be very profitable.

I did a screen search for biotechs with high short interest trading at or near their 52 week highs. 5 stocks from the result of my search are below sorted by short ratio from highest to lowest. Use this list only as a mere first step for possible ideas warranting further research:

(1) Dyax Corp. (NASDAQ:DYAX) focuses on identifying, developing, and commercializing treatments for conditions identified as plasma kallikrein (bradykinin) mediated angioedema, including hereditary angioedema (NYSE:HAE), ACE inhibitor-induced angioedema (ACEI-AE), and angioedema. It hit a new 52 week high today of $3.54. It presented at the American College of Allergy, Asthma and Immunology (ACAAI) 2012 Annual Scientific Meeting on November 8-13. It has a short ratio of 26.3 and short interest of 7 million shares.

(2) Celsion Corporation , an oncology drug development company, engages in the development and commercialization of targeted chemotherapeutic oncology drugs based on its proprietary heat-activated liposomal technology. It hit a new 52 week high today of $8.39 today. It last reported its results and business update on November 14 detailing the upcoming expected release of their Phase III top-line data for ThermoDox in January 2013. It has a short ratio of 7.1 and short interest of 5.5 million shares.

(3) Celldex Therapeutics (NASDAQ:CLDX) focuses on the development, manufacture, and commercialization of novel therapeutics for human health care primarily in the United States. It hit a new 52 week high today of $7.20 today following results released from a Phase I study. It has a short ratio of 9.9 and short interest of 6.1 million shares.

(4) Celgene Corporation (NASDAQ:CELG) discovers, develops, and commercializes various therapies to treat cancer and immune-inflammatory related diseases primarily in the United States and Europe. It hit a new 52 week high of 82.78 today on results of pivotal study and results of a Phase III study. It has a short ratio of 1.6 and a short interest of 4.6 million shares.

(5) MiMedx Group (NASDAQ:MDXG) operates as an integrated developer, manufacturer, and marketer of regenerative biomaterial products and allografts processed from human amniotic membrane. It hit a new 52 week high yesterday of $3.80. It will be presenting at the 6th Annual OneMedForum in San Francisco on January 8. It has a short ratio of 1.4 and short interest of 79,800.

Source: 5 Biotechs With Short Squeeze Potential Hitting New 52 Week Highs