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Thu Jul 21, 2022, 07:34 AM

Wall Street bet big against women's health company after Roe v. Wade ruling

Yahoo Finance

Wall Street bet big against women’s health company after Roe v. Wade ruling

Alexandra Semenova · Reporter
Wed, July 20, 2022 at 5:40 PM · 2 min read

Short sellers ramped up their bets against a women's contraception developer following the U.S. Supreme Court ruling last month to reverse its landmark Roe v. Wade decision, new data showed.

According to a report from S&P Global Market Intelligence published Wednesday, short interest in Evofem Biosciences (EVFM) – a pharmaceutical company that offers women reproductive and contraceptive care products – surged to over 50% in the aftermath of the ruling June 24.

Short interest in Evofem was less than 6% mid-June. Shares of Evofem initially more than doubled immediately following the Supreme Court's decision. The stock has dropped 40% from those highs; shares of Evofem are down more than 98% since the company went public in 2018.

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This year's downturn in equity markets has made 2022 a lucrative year across the board for traders betting against the stock market. U.S. equity short-sellers were up 30% for the year through the end of June, according to separate data from research firm S3 Partners.

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