Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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Alexion Pharmaceuticals
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Celgene
The short interest decline of more than 21 percent in this biopharmaceutical company brought the total to around 11.20 million shares by the end of the month. That was less than 2 percent of the float, as well as the smallest number of shares short since February. It would take about two days to cover all short positions.This maker of therapies to treat cancer and immune-inflammatory related diseases has a market cap of about $103 billion. It posted better-than-expected quarterly results during the short interest period. The price-to-earnings (P/E) ratio is greater than the industry average, but so is the operating margin.All but four of the 22 analysts surveyed recommend buying shares, with 7 of them rating the stock at Strong Buy. They see room for shares to run, as the mean price target is more than 15 percent higher than the current share price. That consensus target would be a new multiyear high for the stock.Short sellers watched the shares rise more than 8 percent but then give up most of that gain during the period. They are still up more than 16 since the beginning of the year. In addition, the stock has outperformed the broader markets and the likes of Johnson & Johnson over the past six months.Illumina
Short interest in this San Diego-based company grew more than 9 percent late in the month to almost 4.39 million shares, or about 3 percent of the float. That was the second highest number of shares short in the past year. However, the days to cover dropped to near two as the average daily trading volume increased.Illumina makes life science tools and integrated systems for genetic analysis. Analysts are looking for this more than $30 billion market cap company to post double-digit percentage revenue growth this year and the next. But note that its P/E ratio is much greater than the industry average.Of the 24 analysts polled, 10 rate the stock at Strong Buy and seven more also recommend buying Illumina shares. A move to their mean price target would represent a more than 12 percent gain for the shares. Here too, the analysts' consensus target would be a new multiyear high for the stock.During the short interest period, shares pulled back more than 4 percent. They have retreated another 5 percent or so since, dropping below the 50-day moving average. Over the past six months, the stock has underperformed the others featured here but outperformed the broader markets.See also: Is Tesla The Best Short In The Market?And Others
Short sellers also shied away from biotech giants Amgen, Biogen and Gilead Sciences in the latter weeks of July, as well as Baxalta, BioMarin Pharmaceutical, Incyte, Medivation, Receptos, Regeneron Pharmaceuticals and Vertex Pharmaceuticals.At the time of this writing, the author had no position in the mentioned equities.Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.