Baird’s latest short interest update for its biotech coverage, using data current as of April 30, 2026, highlights a notable shift in positioning among several names in the sector.
Intellia Therapeutics (NASDAQ:NTLA) recorded the largest absolute increase in short interest over the two-week reporting window, with short interest rising 4 percentage points to 39% of float from 35%.
By contrast, Denali Therapeutics (NASDAQ:DNTH) experienced the greatest absolute reduction in short interest during the same period. Denali’s short interest fell 12 percentage points, moving down to 13% of float from 25%.
Baird noted that eight stocks within its biotech coverage now have short interest above 20% of float. Among the most heavily shorted names across the firm’s universe are Intellia (NTLA), Iovance Biotherapeutics (NASDAQ:IOVA), CRISPR Therapeutics (NASDAQ:CRSP), and Karyopharm Therapeutics (NASDAQ:KPTI), based on FactSet data cited in the update.
Looking at aggregate positioning, total shares sold short across all 65 biotech companies covered by Baird increased 1.3% relative to the prior reporting period. That marks a directional change from the previous report, which showed a 3.4% decrease in total short positions approximately two weeks earlier.
Market performance during the two-week window tracked by the report also showed weakness: the SPDR S&P Biotech ETF (NYSE:XBI) declined 3.8% over the same period.
These figures provide a snapshot of short-side sentiment within Baird’s biotech coverage as of the April 30, 2026 data cut. The dataset highlights both individual stock moves in short interest - notably the increase at Intellia and the decline at Denali - and the broader trend of a modest overall rise in short positions across the covered group.
The update offers investors and market participants a periodic view of how short sellers are reallocating exposure across the biotech sector, and how those positioning shifts align with recent ETF performance in the space.