When this was written — On 24 August 2026. The figures are as at that date or earlier and have not been updated since.
A 27.0% share price rally over three months usually sends short sellers scrambling for the exits. In the case of pathology operator Healius, they are doing the exact opposite, quietly growing their positions as value-trap warnings linger.
The company's preliminary FY2026 results on 18 August revealed revenue growth and a narrower underlying loss 12, prompting director Paul Anderson to buy shares on-market 3, repeating a move he made in July 4. Yet the optimism was quickly blunted. Media reports flagged persistent value-trap risks following a massive goodwill write-down 56. This write-down follows a tough first half where Healius reported a A$30.4 million net loss R7 and battled rising pathology labour costs 8, highlighting the steep climb required to meet its targeted A$20 million in annualised support cost savings R7.
That structural drag is reflected in the trading desk data. Healius's short interest now stands at 10.13%, up 0.53 percentage points from its 90-day average of 9.59%, and well above the healthcare peer average of 7.67%. The stock has rallied 27.0% over the last three months to 47 cents, but the short sellers have held their ground, pushing the 30-day price-short correlation to -0.378. It indicates that as the price lifted, the shorts were added to, rather than covered. Because ASIC data carries a T+4 delay, these figures reflect positions held late last week, confirming that the recent run-up has only emboldened the bears.
With short interest sitting just below its 90-day high of 10.81%, the market remains split. Either the short sellers are about to get squeezed, or the current rally is a temporary reprieve before another leg down.