Short Interest Jumps
Short Interest Surges Sharply Across Four OTC-Listed Companies in September
Anonymous
Key Points
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Ansell develops and distributes personal protective equipment for workers and healthcare professionals, including disposable, surgical and industrial gloves and protective clothing. Separately, Royal Bank of Canada lowered its rating to “sector perform”; analysts’ average rating was reported as “Moderate Buy.”
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Voyageur Pharmaceuticals focuses on developing contrast media for medical imaging, including barium sulfate and iodine-based agents. Its shares traded at $0.11 on Thursday, against a 52-week high of $1.03.
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Motor Oil (Hellas) operates a major refining complex in southeastern Europe and produces fuels including gasoline, diesel and jet fuel. Its shares were unchanged at $36.48 on Thursday; the reported 50-day and 200-day moving averages were $31.48 and $24.11, respectively.
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Tullow Oil is a London-headquartered oil and gas exploration and production company with a focus on African assets; its historically important producing interests include Ghana’s Jubilee and TEN fields. The shares traded at $0.13 on Thursday, within a reported 52-week range of $0.02 to $0.17.
Short interest spiked dramatically across four OTC-listed companies in September, with DefenseWorld reporting percentage jumps ranging from 1,200% to 79,900%. However, the gains started from near-zero August baselines, and actual short volumes remain tiny—totaling fewer than 22,000 shares across all four firms, making short squeezes unlikely.
Voyageur Pharmaceuticals led the surge, jumping 79,900% to 20,000 shares short as its stock traded at $0.11 against a 52-week high of $1.03. Motor Oil (Hellas), Tullow Oil, and Ansell also saw triple-digit percentage increases, but days-to-cover ratios stayed negligible—ranging from 0.0 for Tullow to just 2.5 for Motor Oil.
Voyageur's Debt-Driven Equity Dilution Sparks Short Activity
Voyageur Pharmaceuticals, a Calgary-based imaging drug developer, announced a proposed share issuance to settle debt in late September. The company makes contrast media agents—barium sulfate and iodine compounds—for diagnostic imaging. Its stock has cratered from a 52-week high of $1.03 to just $0.11, reflecting investor anxiety over dilution from debt-to-equity conversions.
European Refiner and African Oil Explorer Face Structural Headwinds
Motor Oil (Hellas) operates southeastern Europe's largest refining complex, processing gasoline, diesel, and jet fuel. Despite short interest jumping 2,466.7% to 308 shares, the stock held steady at $36.48 on the reporting day. Its 50-day moving average ($31.48) and 200-day average ($24.11) suggest technical strength beneath the surface.
Tullow Oil, a London-based oil and gas explorer, saw short interest surge 12,400% to just 625 shares—the smallest absolute volume of all four. The firm operates Ghana's Jubilee and TEN producing fields but has faced debt refinancing pressure. Tullow traded at $0.13, near the middle of its 52-week range of $0.02 to $0.17.
Ansell's Protective Equipment Portfolio Draws Mixed Analyst Views
Ansell Limited, which makes surgical gloves and protective clothing for healthcare and industrial workers, saw short interest climb 1,200% to 182 shares. Royal Bank of Canada downgraded the stock to 'Sector Perform,' but sell-side consensus remained 'Moderate Buy,' indicating divided opinion among analysts tracking the company.
Tiny Short Volumes Make Squeeze Risk Nearly Zero
Despite headline-grabbing percentage gains, the actual volume of short shares is negligible. Combined across all four companies, short interest totals just under 22,000 shares. For context, Voyageur's 20,000 short shares would require only about 4 trading days of normal volume to cover if sellers panicked—according to the reported 0.0 days-to-cover ratio.
The math behind the mega-percentage jumps is simple: when August short positions are near-zero, even small September increases look massive on paper. Short sellers targeting OTC stocks often exploit low liquidity and balance sheet weakness, but institutional conviction here remains minimal, and the probability of a coordinated squeeze is vanishingly small.
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