Shares of Intercept Pharmaceuticals Inc ICPT soared more than 20 percent Friday following a favorable FDA ruling on Thursday.
Helping to drive the stock’s large move may have been a short squeeze. At last report, 22.72 percent of the stock’s float was short.
Ahead of the positive news, short interest had increased 8.45 percent from the previous two-week reporting period.
With such a large percentage of the shares shorted, many traders may be buying shares today to cover their positions.
Intercept Pharmaceuticals recently traded at $209.41, up 22.7 percent.
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