SYDNEY - Short sellers across Asia are being drawn to the health care sector, betting the region's best-performing industry this year is poised for a retreat.
Australian drugmaker Clinuvel has the highest amount of short interest at more than 15 per cent of its free-float as demand for growth stocks heightened after the selloff in March. Korean companies such as Helixmith and Celltrion are attracting bears in a sector where speculation on clinical trials and product usage has thrived amid the coronavirus pandemic.
A lack of analyst coverage may also be one reason why short sellers are gravitating toward Clinuvel, Chief Executive Officer Philippe Wolgen said in a phone interview. The firm doesn't have any current analyst ratings, according to Bloomberg data. Mayne Pharma declined to comment on the stock's short interest, while Polynovo and Blackmores didn't respond to emailed requests for comment.
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