The most recent short interest data has been released for the 10/13/2017 settlement date, which shows a 1,345,734 share decrease in total short interest for Idera Pharmaceuticals Inc (IDRA - Get Report), to 8,614,115, a decrease of 13.51% since 09/29/2017. Total short interest is just one way to look at short data; another metric that we here at Dividend Channel find particularly useful is the "days to cover" metric because it considers both the total shares short and the average daily volume of shares traded. The number of shares short is then compared to the average daily volume, in order to calculate the total number of trading days (at the average volume) it would take to close out all of the open short positions if every share traded represented a short position being closed. Average daily volume for IDRA at the 10/13/2017 settlement increased to 1,583,770, as compared to 925,047 at the 09/29/2017 report. That brought "days to cover" down to 5.44, a 49.48% decrease from the 10.77 days to cover calculated at the previous short interest data release.The below chart shows the historical "days to cover" for IDRA at previous short interest release dates: A decreased "days to cover" value could indicate that short sellers are no longer expecting the same decline in stock price they once were, or it could also indicate a long bet elsewhere was closed where IDRA had been shorted as a hedge. The chart below shows the one year performance of IDRA shares, versus its 200 day moving average. Looking at this chart, IDRA's low point in its 52 week range is $1.30 per share, with $2.87 as the 52 week high point — that compares with a last trade of $2.07.
More from Stocks
Bank of America Could Rise, but Its Charts Aren't Inspiring
The share price of the big bank could improve in the weeks ahead, but the technical case for the stock is lacking.
Fed's Next Move, Microsoft's Performance, Trading U.S. Bancorp: Market Recon
What the Fed needs to do in July is to cut the FFR by 25 basis points and put the balance sheet management (QT) program to bed two months early.
What Netflix's U.S. Subscriber Loss Could Mean for Apple TV+
Netflix lost U.S. subscribers for the first time last quarter, suggesting that its most recent price increase was a tipping point for some subscribers. Apple, which hasn't yet announced pricing for TV+, is likely facing a similar calculus ahead of its fall 2019 launch.