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AngioDynamics heads into the week of October 8 with the stock down nearly 8% over seven days, analysts still bullish but increasingly selective on valuation, and a cost-to-borrow that has nearly doubled in a week despite a lending market that remains comfortably loose.
The most striking short-side development is not the short interest level itself, which at 3.4% of the free float is modest, but the speed at which borrowing costs have climbed. The cost to borrow hit 0.55% on October 7, up 68% from the prior week's level and 26% above where it was a month ago. That move is still cheap in absolute terms, well below anything that signals a squeeze, and availability is essentially unlimited, with shares to borrow running at multiples of what is currently shorted. The lending market is loose; the direction of travel is worth watching. Short interest itself has edged up around 0.5% over the week to roughly 1.38 million shares, a slow drift rather than a decisive build. The ORTEX short score of 36.1 has been flat for ten days, confirming there is no surge in bearish conviction here.
Options positioning has shifted more noticeably than the short book. The put/call ratio has climbed to 0.70, above its 20-day average of 0.57, though at just 0.6 standard deviations above the mean it falls well short of a defensive alarm. The more telling move is the direction: the PCR ran below 0.35 through most of August and early September, then stepped up sharply in late September and has held the higher level. That shift coincides almost exactly with the stock's own leg lower, suggesting options traders are incrementally hedging rather than aggressively buying protection.
The Street remains constructive, though the most recent analyst activity is now nearly three months old. Following the fiscal Q1 results in early July, HC Wainwright raised its target to $19 and Canaccord lifted to $20, both maintaining Buy ratings. The consensus mean target of $20 sits 41% above the current price of $14.19, a gap that reflects genuine bull conviction on the Auryon and NanoKnife platforms rather than stale inertia, though the absence of any fresh analyst action since mid-July means the Street has not yet reacted to the stock's subsequent 4% drift lower. The bull case centres on gross margin expansion toward 52.5%, driven by a mix shift toward higher-margin Med-Tech revenue and pricing gains on Auryon. Bears flag tariff headwinds of $4 million to $6 million and raw material cost pressure building through the second half of fiscal 2026. The EPS surprise factor score of 94 and the forward EPS growth rank of 95 suggest the company has been beating estimates convincingly, though EPS momentum over the trailing 90 days scores only a 9, a sign the pace of upward revisions has stalled. The EV/EBITDA multiple of 25.6x has compressed by 1.6x over the past month, moving with the stock.
On the ownership side, the register tells a relatively stable story, with no active 13D filers present. BlackRock holds 9.2% and added shares through to September 30. Point72 and Systematic Financial Management both hold above 6%, though their most recent reported positions date to June and July respectively. Armistice Capital added 329,000 shares in the second quarter to reach 5.3%. Divisadero Street Capital, which once held 8.4% of the company, has effectively exited, filing a position of just 0.01% in February. As is standard with Schedule 13D/G disclosures, these stakes are as-last-disclosed around the 5% threshold, and positions can move materially before any new filing is required.
The next earnings event is scheduled for November 17. With the stock having gained 13% on the day of the July print and a further 11% over the subsequent five days, the market's reaction to ANGO results has been sharp when beats materialise. Whether the tariff and raw material headwinds that bears are pricing in show up in the fiscal Q2 numbers, or whether Auryon and NanoKnife momentum again offsets them, is the question that will define the November print and the stock's trajectory into year-end.
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