When this was written — On 20 July 2026. The figures are as at that date or earlier and have not been updated since.
Short sellers are quietly packing up their positions in PolyNovo. While the medical device maker's share price has drifted lower over the last year, the conviction to bet against the company's skin-regeneration technology is evaporating without the usual noisy catalysts.
The exit is happening in a complete news vacuum. PNV shares fell 5% on 2 June 1 and faced broader pressure throughout May 2 and July 3, driven by macro healthcare sentiment rather than company-specific updates. This drift occurred despite strong fundamentals reported back in February, when H1 FY26 revenue rose 25.2% to A$75.0M and adjusted EBITDA jumped 82.0% to A$4.7M R4. The lack of fresh operational updates since then has not stopped the quiet covering.
Short interest in PolyNovo has fallen from a 90-day peak of 14.61% to 8.68% today, representing a steady 3.09 percentage point decline. This retreat occurred while the share price fell 2.0% over the last month and 18.3% over six months to trade at 98 cents. The negative 30-day price-short correlation of -0.437 highlights a clear divergence: short sellers are buying back shares to close their positions even as the broader market continues to push the stock price down.
With underlying revenue growth still tracking above 25% R4 and the short position now well below its peak, the bears seem to have decided that waiting for further weakness is no longer worth the risk.