A 35.8% price rally over three months would normally send short sellers running for the exits. For Telix Pharmaceuticals, the bears have instead dug in, refusing to yield their positions even as the biotech racked up major regulatory milestones.
April looked like a dream run. The FDA accepted the Pixclara NDA on 9 April 1, followed by a US$40M radiopharmaceutical deal with Regeneron on 12 April 23. Telix then priced an upsized US$600M convertible bond issue on 14 April, highlighting 56% revenue growth for FY25 45, which settled on 22 April 6. Even a cluster of director buying on 30 April 7 failed to shake the shorts, who found their thesis renewed when market commentators began spotting cracks in a sudden 7.56% share price pullback in late May 8.
The short interest now sits at 14.49%, comfortably above the peer sector average of 5.16% and higher than its 90-day average of 13.81%. While the stock gained 35.8% over three months, a 7.6% drop over the past month has tightened the battle. The negative 30-day price-short correlation of -0.462 illustrates this tug-of-war. Because ASIC data carries a four-day reporting lag, these figures capture last week's positioning, confirming that the bears are actively defending their ground rather than quietly covering.
With a massive convertible debt on the books and the short position remaining elevated, Telix remains a heavily contested battleground. The next leg of the chart will decide who blinks first.