Ortex-reported short interest in BlackSky Technology (BKSY) troughed at a 9-month low of just below 20% on May 26 as the stock price was rounding out a nearly 3-times swing since the start of the year and a quadrupling since November lows. A timely downgrade from Jefferies suggesting that the excitement regarding space-themed stocks heading into the SpaceX IPO could be misplaced grounded the stock, however, and shares have since shed nearly 40% from their May 28 peak while also sparking renewed bearish interest. This week, short interest as a percentage of free float lifted from 21.9% to a three-month high of 24.6%, days-to-cover rose from 3.3 to 3.6 while the stock price fell 9.3%, with another 10% retreat on Friday. Year-to-date, BlackSky is still up a hefty 73%.
Ortex-reported short interest in Summit Therapeutics (SMMT) troughed just under 21% on May 18, rising gradually over the subsequent three weeks and then spiking sharply over the past few sessions. In the five-day period covered through Friday, Summit Therapeutics’ short interest as a percentage of free float spiked from 22.7% to 28.0% – a three-week high. With a pick-up in trading volume over the past 10 trading days, days-to-cover on the name is up more incrementally, rising from 7.5 to 8.5 – a two-week high. The stock was off by 12% this week at a two-year-low, with the selloff gathering steam after the company’s $500M equity offering. Shares also remain down 23% year-to-date.
