Benzinga - Potential short squeeze plays gained steam in 2021 and continued through 2022, with new traders looking for the next huge move.
High short interest and a high cost to borrow are among the common traits that could lead to a short squeeze.
Here’s a look at the top five short squeeze candidates this week based on the Fintel short squeeze leaderboard.
Related Link: What Is A Short Squeeze?
- Ambrx Biophrama (NYSE: AMAM): Biopharmaceutical company jumps 766 places to top the short squeeze leaderboard for the week. Data shows 96.3% of the float short and a cost to borrow of 86%. Shares saw a big jump recently on news of a stock exchange transfer from the New York Stock Exchange to the Nasdaq. The ticker was also the 19th most searched stock on Benzinga Pro in the month of February.
- Kala Pharmaceuticals (NASDAQ: KALA): No stranger to the short squeeze leaderboard, Kala Pharmaceuticals ranks second for the second straight week on the leaderboard. Data shows 14.2% of the float short, up from last week’s 12.9% reported. The cost to borrow on shares is 507%, up from last week’s 227.8% reported.
- MoonLake Immunotherapeutics (NASDAQ: MLTX): Biopharmaceutical company moves up two positions from last week’s fifth place listing. Data shows 17.8% of the float short, up from last week’s 12.3% reported. The cost to borrow on shares is 14.4%, down from last week’s 15.4%.
- iBio Inc (AMEX: IBIO): The healthcare company ranks fourth on the short squeeze leaderboard for a second straight week. Data shows 16.6% of the float short, down from last week’s 17.6% reported. The cost to borrow on shares is 245.7%, down from last week’s 305.2%.
- Cingulate Inc (NASDAQ: CING): Biopharmaceutical company moves up 1,403 positions to fifth place on the leaderboard. Data shows 12.5% of the float short and a cost to borrow of 198.8%. Shares of Cingulate rocketed higher in late February after announcing positive topline results for its lead candidate CTx-1301.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.