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MMED reports earnings this morning with options traders at their most bullish in 52 weeks, while the borrow market sits at or near its tightest levels on record for the stock. The two crowds have not been further apart all year.
The put/call ratio dropped to 0.58 on October 15. That is 2.1 standard deviations below the 20-day average of 0.95. It is the most call-heavy options positioning MMED has seen in a year. The 20-day average itself has shifted materially lower over the past month, as call interest has steadily grown against the bearish lending backdrop. Options traders are not hedging into today's print. They are positioned for upside.
The borrow market tells a different story. Availability stands at 2.4%, having briefly touched 0.0001% on October 12 and 13, effectively zero. That is the 52-week floor. Every share in the lending pool was lent out. Cost to borrow, which sat near 9% in mid-September, has swung violently: it peaked at 196.7% on October 13 before pulling back to 88.9% on October 14. Still nearly 200% above its level a month ago. Short interest has risen to 28.5 million shares as of October 14, up 10% on the week and 291% over the past month. In early September, shares short stood near 7.4 million.
The ORTEX short score is 88.5, down from a peak of 93.6 on October 6. It has not broken below 88 in the ten-day window shown, a sustained extreme rather than a brief spike. That breadth of signal, across borrow availability, cost, short interest volume, and the score, has been consistent for weeks.
Analysts have added coverage as the stock has weakened. Jefferies initiated at Hold with a $22 target on October 12. Barclays also initiated at Equal-Weight with a $22 target on October 7. Mizuho raised its Outperform target from $26 to $28 on October 8. Truist started coverage at Buy with a $29 target in late September. The consensus sits at Buy, with a mean price target of $25, against a last close of $18.00.
The September print gave a concrete reference point: MMED moved up 17.3% the day after that report, with the five-day gain holding at 15.1%. The October 9 print produced a 5% drop on the day.
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