XBI The mid-June 143% of $XBI units short as percent of Units outstanding, is highest since April 3rd 2020 Covid crash low reading of 155%. XBI subsequently rallied from $75 to $170 (+125%) at the Feb 2021 peak, from where our hangover persists. Similarly, after low in July 2014 from the Janet Yellen "#biotech is in a bubble" comment, the short interest hit a then record high of 128%. XBI rallies from $44 to $90 (+100%) over the next year. Yet another measure of hate priced into biotech. Past is not necessarily prologue, but even a tiny sliver is better than the past 4 years.
XBI Leerink:" Biopharma Cash Runway Map: Bottom Line: Amid significant macroeconomic challenges for the Biopharma sector, we update our cash runway map for "not-yetprofitable" companies across the Leerink Partners' Biopharma Coverage Universe. The map highlights value (with >2 years cash runway, trading below cash) and growth stocks (with >2 years of cash runway, trading above cash), as well as high-volatility catalyst plays (<2 years of cash runway, trading above cash) and stocks with near-term financial overhangs (<2 years cash runway, trading below cash), within each sub-sector. ● Across our Biopharma coverage universe, as of June 2025, ~51% of currently unprofitable covered companies had >2 years of cash runway, up from 40% in June 2023...."