A biopharmaceutical company that acquires and advances a diversified portfolio of drug candidates, with a focus on oncology, urology and other critical health challenges for which there are few other treatment options.
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Seeking Alpha really, really wants you to buy Spectrum Pharmaceuticals. Is it really necessary to publish four rabid pumps in the space of one month? What's the marginal value of each additional gushing exaltation of the company? Apparently a large contingent of investors think the hype surrounding Spectrum is useful, for creating a profitable short play that is. At last count 52% of the float was sold short.
Long investors tend to be excitable and malleable. Shorts are a more judicious and methodical crew, for the most part. When I see a gigantic short position like this, I don't think "short squeeze!" and rush to buy shares. I wonder what I might be missing. In this case, I think the shorts are seeing a stock puffed up on short-term profits that are very vulnerable to the restoration of the supply of generic leucovorin. Seeking Alpha pumpers (who never have any position in the stock, of course) are convinced that cannot possibly happen. Like any other probabilistic situation in the market, there's an equilibrium between optimism and pessimism. With the huge run from 9.5 since April that accelerated dramatically last month, the equilibrium has now shifted to pessimism.