Bears Pile In: Biotech & Prison Stocks Spike

Short sellers made fresh moves this week across biotech and an unlikely corner of the market — private prison operators.

REPL (Replimune Group) saw its short interest jump to 43.3% of free float, up nearly 11 percentage points in seven days. The biotech stock has surged 188% over three months. Bears are clearly betting the rally won't last.

TNGX (Tango Therapeutics) sits at a hefty 64.5% SI % FF, up almost 8 points in a week. Shares have barely moved in three months, yet short pressure keeps building. Cost to borrow is still low at 0.55%, meaning more shorting capacity remains.

The week's most surprising mover was CXW (CoreCivic). Its short interest shot from just 2.3% to 10.3% FF in seven days — a 340% relative increase. The private prison operator rarely attracts this level of short attention.

HTZ (Hertz) remains a market favourite for bears. SI sits at 69.2% FF, with a punishing cost-to-borrow of 7.7%. The stock has fallen 53% in three months.

LCID (Lucid Group) carries the highest borrowing cost at 31.7% APR — shorting it is expensive. EVCM (EverCommerce) isn't far behind at 39.7% APR, carrying the top ORTEX short score at 93.9 out of 100.

Meanwhile, CHWY (Chewy) shorts covered aggressively. SI dropped 20 points to 94.3% FF, suggesting some bears are retreating.

This note is for informational purposes only and does not constitute financial advice.