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Neuroderm Ltd (NASDAQ: NDRM) shares were soaring higher by more than 27.6 percent on Monday morning on the back of an update release following an October meeting with the FDA. After dipping as low as $15.20 last week, the stock jumped as high as $21.95 on Monday morning before settling back down around $19.80.
The initial surge in Monday morning’s trading may have been driven in part by a short squeeze.
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NeuroDerm's Short Squeeze
According to shortsqueeze.com, NeuroDerm currently has a relatively high short percent of float of 10.0 percent.
Monday’s news likely sent many shorts scrambling to cover their positions. The company reported that it intends to pursue a comparative bioavailability path for ND0612 based on comparative pharmokinetic (PK) data rather than data from a Phase III trial.
In addition, the company reported that the FDA will be considering long-term safety data from the company’s BeyoND trial in the New Drug Application (NDA).
Prior to Monday’s news, NeuroDerm short sellers had made a killing on the trade since mid-November. Shares fell from a high of $20.50 to nearly $15 in a matter of weeks. Monday’s opening spike on extremely high volume was likely driven in part by short covering.
Neuroderm currently has 21.6 million shares and more than 758,000 shares held short with 11.1 days to cover.
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.