This column was originally published on RealMoney on Aug. 23 at 8:43 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Can't figure out how some stocks get so hated. Take this

Amylin

(AMLN)

. The short position has doubled in the last few months. Doubled! All because the scrips for its new diabetes drug Byetta may not be as good as thought.

I approach Amylin totally differently from the shorts. For some reason -- I think because it is an epidemic -- I have a lot of friends who have diabetes. Any positive for them, I cheer. It's a tough disease. When Byetta hit the market, I went out hard on Amylin, saying it should be bought. The catcalls started almost immediately, and

any time

the stock lifted, I saw shorts trying to knock the thing down, selling it below the bid, making it heavy at every turn.

Last night, Amylin revealed that it might have a once-a-week injectible for diabetes. The shorts weren't thinking about the possibility. Today, I see them going nuts -- the stock is much higher than it was -- covering the darned thing in early morning trading. (Only crazed short-sellers buy stocks up $6.)

What should you do if you have been listening to me on Amylin? I would sell the stock, that's what I would do, at least half the position, and play with the house's money for the rest. Think about it: This injectible is something that won't hit the market for a couple of years. You have time. Sell into the shorts' panic.

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But remember, any company working on diabetes is, per se, a company you should consider because the market is much more huge than most people realize. The Amylin shorts learned that today.

Sobering lesson.

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