Bears Retreat — and Pile In — Across US Markets

Short sellers are on the move. ORTEX data to August 12 shows sharp divergence between stocks gaining and losing bearish interest.

Biggest Build-Up: Replimune Jumps 10 Points

REPL saw the largest SI increase among mid-cap US stocks this week. Short interest hit 43.3% of free float, up from 32.4% just seven days ago — a jump of nearly 11 points. The oncology biotech has a cost to borrow of just 0.5%, meaning shorts are piling in cheaply.

CXW (CoreCivic) is another standout. SI leapt from 2.3% to 10.3% of free float — almost a fivefold rise in a week. Bears appear to have sharply re-rated the private prison operator.

Biggest Covers: Chewy and Asana

CHWY saw short interest fall 20 points to 94.3% of free float. That's still an enormous short position, but covering momentum is clear. ASAN dropped 8.75 points to 30.8%.

MNDY (monday.com) lost 7.2 points of SI over the week. Short sellers are stepping back from several SaaS names.

VSEC: A Short Squeeze in Progress

VSEC made headlines today. ORTEX data shows SI fell 22% in a week to 9% of free float. The stock rose 12.4% as analysts raised targets above $280. A textbook short squeeze setup.

Galectin: High Score, High Risk

GALT carries the highest ORTEX short score among notable names at 90.3. SI stands at 77.3% of free float with a cost to borrow near 15% and a DTC of 24 days. That is a very crowded short trade.

This note is for informational purposes only. Not financial advice.