Wall Street is betting that these troubled stocks will continue falling.
Electric vehicle companies Lucid , Fisker and Nikola have had a difficult year — and Wall Street expects these stocks have even more downside potential. Lucid is the most heavily shorted stock on Wall Street, with 191.5 million shares sold short as of Aug. 15, according to data from FactSet. That accounted for 47.2% of its free float of shares, or the amount of shares available for trading. Nikola, which manufactures electric trucks, has seen its short interest jump by nearly 14% to 157.
Shares are still negative 41.3% year to date. Short interest in IGM Biosciences and scPharmaceuticals also rose around 10%, nearly 6 million shares each, or approximately 29% of float. Liver disease treatment company Intercept Pharmaceuticals also saw a 12% jump in short interest, with 9.5 million shares sold shorted. In June, the company faced a setback after the U.S. Food and Drug Administration rejected its request to gain accelerated approval for its non-alcoholic steatohepatitis treatment.
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