Sarepta Therapeutics (SRPT) Shorts Squeezed After Eteplirsen Receives FDA Approval

September 19, 2016 11:27 AM EDT

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Sarepta Therapeutics (NASDAQ: SRPT) shorts were pressured after the FDA approved its DMD drug eteplirsen. The news sent shares up over 90% intraday and caught many shorts sellers off guard. According to Nasdaq data from August 31st, short interest was 14.8 million shares, or 33% of the float. Days to cover was 8.3 on average volume of 1.8 million shares.

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