How MiniMed ended up with 99% of its float sold short

What happened

An estimated 99% short reading looks less like a bet against MiniMed than arbitrageurs eyeing a Medtronic discount. The post How MiniMed ended up with 99% of its float sold short appeared first on Protos .

An anomaly appeared on the Nasdaq stock exchange yesterday when, per an estimate by data provider Ortex, 99% of the shares in public medical tech company MiniMed Group Inc.’s float were sold-short. In contrast to buyers, short-sellers borrow stock to sell first, hoping to repay shares at a lower price to close their loan with profit.

Up from 47.6% on September 15 and 77% a week earlier, MiniMed’s short interest skyrocketed to an almost unbelievable high yesterday as short-sellers borrowed and sold almost the entire float, i.e. Ortex specializes in live short interest estimates for publicly traded companies.