Short sellers are walking away from IMUX. Shares short collapsed 77.7% to 866,001 — the lowest count since November 2025, when bears held over 10 million shares. Cost to borrow followed them out the door.
At the October 2025 peak, IMUX carried roughly 10.5 million shares short. That position has been unwound almost entirely. The final 78% of that exit happened in a single week.
Cost to borrow peaked above 11% in late September 2025. It now sits at 1.41% — down 76% week-on-week and 84% over the past month. At 1.41%, the borrow market is no longer pricing IMUX as a difficult or contested short. The cost is effectively at market floor.
Availability has also normalised. The lending market was extremely tight through Q4 2025. That pressure has fully dissipated alongside the short position itself.
The options market is sending an unmistakable signal. The put-call ratio hit zero on April 27. No puts. Only calls.
That reading sits 2.56 standard deviations below the 20-day mean PCR of 0.059. It is also the 52-week low. Options participants are expressing pure bullish positioning — or at minimum, zero hedging demand.
The timing matters. Next earnings are scheduled for May 14. The stock rose 13.4% on April 27 alone. Over the past four earnings releases, IMUX moved an average of ±10% on the day. The convergence of short covering, CTB collapse, and zero put activity points to a market repositioning ahead of that event.
Analyst coverage has been active and split. Stifel initiated with a Buy and a $2.50 target on April 17. Guggenheim initiated Buy at $7.00 in March. HC Wainwright maintains Buy at $5.00.
D. Boral Capital downgraded to Hold on April 15 — the sole dissenting voice in the recent coverage cluster. The bull case centres on vidofludimus calcium's Phase 3 pipeline in multiple sclerosis and an unmet need in progressive disability. The bear case flags dilution risk and dependence on trial outcomes.
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