Ever since my first Celsion (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 (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. (DYAX) focuses on identifying, developing, and commercializing treatments for conditions identified as plasma kallikrein (bradykinin) mediated angioedema, including hereditary angioedema (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 (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 (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 (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.