Short interest in WGRX (Wellgistics Health) has exploded 575% over one week to 12.9% of free float. The borrow market is now under severe stress, with availability collapsing 90% in a single week to just 9.5%.
Availability stood above 100% as recently as May 13. By May 15 it had crashed to 9.5% — roughly one share available for every ten already borrowed. That is a near-total reversal in 48 hours.
Cost to borrow has tracked the tightness. It now stands at 50.8% APR. That is more than double the level from one week ago (22.6%). Lenders are charging a steep premium for what little supply remains.
The ORTEX short score has surged in lockstep. It jumped from 51.1 on May 4 to 79.3 by May 14. That puts WGRX in the top tier of short-positioning intensity across the screened universe, with a utilization rank in the 4th percentile nationally.
This is not the first time WGRX has seen this dynamic. In mid-April, short interest peaked at 14 million shares with cost to borrow hitting 337% APR. Availability dropped to a 52-week low of just 0.1% — virtually no borrow left in the pool.
That episode then reversed sharply. By early May, SI had dropped back below 500,000 shares and cost to borrow fell to around 9% APR. The current build — back to nearly 13 million shares shorted in just days — mirrors that April surge almost exactly.
One factor amplifying the pressure: WGRX reports earnings tomorrow, May 19. That creates a hard deadline for short sellers holding expensive borrows. Recent earnings history has produced moves in both directions — a 5% gain in March 2026, and a 14.7% drop in November 2025.
Two of the company's largest disclosed holders, Surendra Ajjarapu and Prashant Patel, added 12.4 million and 5 million shares respectively in the most recent filing period. Combined, the top three named holders control over 42% of shares outstanding. That concentration leaves a relatively thin tradeable float against which the 12.9 million shares short are positioned.
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