CUV short interest collapses 3.0% as shorts cover hard
Week 41, 2025 (6 Oct 2025 — 10 Oct 2025)
The ASX’s most shorted name is still BOE at 19.55% (+0.37% WoW), but the real action was in the consumer names: DMP jumped to 13.50% (+1.09%) and GYG to 13.01% (+1.28%). On the other side, CUV saw a sharp unwind, with short interest dropping from 11.94% to 8.92% (-3.02%), one of the biggest weekly covers we’ve seen in months.
This Week's Analysis
The standout this week wasn’t a new short target — it was a retreat. Clinuvel (CUV) had shorts sprint for the exits, down 3.02% in a single week to 8.92%. That sort of move usually means one thing: the risk/reward of staying short into the next catalyst (or after a strong run) stopped making sense, and the trade got crowded. When a stock is still heavily shorted after a big cover, it also tells you there’s a split view: some funds have taken profit, others are still leaning on the same thesis.
Boss Energy (BOE) remains the ASX’s most shorted stock at 19.55% (+0.37%). Shorts are still pressing uranium producers where the narrative is strong but execution risk is real — BOE is ramping Honeymoon and advancing Alta Mesa, and any slip in production, costs or timing can punish a small-cap producer quickly. Paladin (PDN) sits at 12.14% (+0.14%), reinforcing that this isn’t just a BOE-specific call; it’s a sector positioning trade where the uranium price can be supportive, but operational delivery is what decides the share price. Pilbara Minerals (PLS) eased to 17.21% (-0.33%) and Mineral Resources (MIN) to 10.19% (-0.42%). That’s modest covering, but the message is consistent: shorts are still wary of lithium earnings power, yet they’re less aggressive this week. MIN’s exposure to both lithium and iron ore keeps it in the crosshairs when commodity prices wobble, even as the company talks up project expansion and sustainability initiatives (see MIN’s FY25 full-year materials: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf). The consumer shorts are where conviction is building. Domino’s (DMP) lifted to 13.50% (+1.09%) and Guzman y Gomez (GYG) to 13.01% (+1.28%). Two different businesses, same pressure point: discretionary spending. If rates stay higher for longer, value perception and traffic matter more than brand heat. DMP also carries the extra burden of offshore execution and food/labour cost sensitivity; shorts are effectively betting that margin recovery is harder than bulls hope.
Top Shorted Stocks This Week
Financial Snapshot
Key financial metrics from recent company reports for the most shorted stocks.
Biggest Risers
Stocks with the largest increase in short interest this week.
Biggest Fallers
Stocks with the largest decrease in short interest this week.
Movers Analysis
IPH (IPH) was the biggest riser: 5.77% to 7.19% (+1.42%). This looks like classic “management change + earnings digestion” positioning. IPH has flagged CEO Andrew Blattman’s retirement (https://www.iphlimited.com/wp-content/uploads/2025/11/2978820.pdf) and published FY25 results (https://www.iphlimited.com/wp-content/uploads/2025/08/2932588.pdf). Even when numbers are fine, leadership transitions can invite shorts because guidance risk rises and the market starts questioning how repeatable the growth is. Elders (ELD) climbed from 4.53% to 5.74% (+1.21%). That reads like a weather and cycle bet. Agribusiness earnings can swing hard with seasonal conditions and commodity prices, and shorts tend to step in when they think the good times are priced in. G8 Education (GEM) moved from 2.18% to 3.19% (+1.02%). Childcare is a policy-heavy sector; when shorts lift exposure quickly, it’s often about margin pressure (wages) and regulatory risk rather than demand collapsing. On the cover side, CUV’s -3.02% is the headline. The company’s own reporting highlights its dependence on SCENESSE® and pipeline/regulatory pathways (CUV annual report: https://www.clinuvel.com/wp-content/uploads/2025/08/clinuvel-ar25-digital-20250828.pdf). When a biotech short gets too crowded, any hint of progress or simply a lack of bad news can force covering. Johns Lyng (JLG) also saw meaningful covering, 3.49% to 1.66% (-1.83%), suggesting the market is less willing to press the downside right now — either the valuation has reset, or near-term trading risk has shifted against shorts. Audinate (AD8) (-1.41%) and Cettire (CTT) (-1.12%) also saw shorts trim back, consistent with funds taking profit in smaller, more volatile names.
Industry Trends
Zooming out, the pattern is clear: resources shorts are staying elevated but are no longer accelerating (PLS and MIN both down WoW), while consumer-facing shorts are building quickly (DMP and GYG both up more than 1% in a week). That’s a very “rates and confidence” tape — investors are still happy to trade commodities tactically, but they’re less forgiving on businesses that need strong spending to hit growth targets. Uranium remains a crowded short despite the long-term demand story. BOE (19.55%) and PDN (12.14%) tell you the market is separating the commodity thesis from the company execution risk. Meanwhile, travel (FLT at 10.53%, +0.41%) is still being leaned on — even with corporate/leisure demand holding up, it’s a sector that can turn quickly if the macro data softens or the AUD moves against outbound travel demand.
Outlook
Next week, watch for any macro prints that shift the “higher for longer” rate narrative — that’s the fuel behind the growing shorts in DMP, GYG, FLT and GEM. In stock-specific terms, keep an eye on follow-through in IPH after its FY25 result and CEO transition disclosures (FY25 results: https://www.iphlimited.com/wp-content/uploads/2025/08/2932588.pdf; CEO retirement: https://www.iphlimited.com/wp-content/uploads/2025/11/2978820.pdf).
Frequently Asked Questions
Which ASX stock is the most shorted this week?
Boss Energy (BOE) is the most shorted at 19.55% of shares short, up +0.37% week-on-week.
What was the biggest short-covering move on the ASX this week?
Clinuvel (CUV) saw the biggest drop in short interest, from 11.94% to 8.92% (-3.02%) in a week.
Why are shorts piling into DMP and GYG at the same time?
Both are exposed to discretionary spending and cost pressures; the week-on-week jumps (DMP +1.09% to 13.50%, GYG +1.28% to 13.01%) look like positioning for a tougher consumer backdrop if rates stay restrictive.
Is lithium still a major short theme?
Yes, but it cooled slightly this week: PLS remains heavily shorted at 17.21% but fell -0.33%, and MIN fell -0.42% to 10.19%.
What does a sudden jump in short interest like IPH’s usually signal?
A +1.42% weekly jump (IPH to 7.19%) often reflects event-driven positioning — in this case, the market reacting to FY25 results and the CEO retirement announcement (FY25 results: https://www.iphlimited.com/wp-content/uploads/2025/08/2932588.pdf; CEO retirement: https://www.iphlimited.com/wp-content/uploads/2025/11/2978820.pdf).
Data sourced from ASIC short position reports (T+4 delayed). This report is for informational purposes only and does not constitute financial advice. Short selling data may not reflect real-time market conditions.