Potential short squeeze plays gained steam in 2021 and have continued through 2022 with new traders looking for the next huge move.
High short interest and a high cost to borrow are among the common traits that could lead to a short squeeze. Here's a look at the top five short squeeze candidates based on the Fintel short squeeze leaderboard.
PaxMedica Inc (NASDAQ:PXMD): The clinical stage biopharmaceutical company, which develops treatments for autism spectrum disorder, tops the short squeeze leaderboard for the week. Data shows 16.8% of the float short and a cost to borrow of 140.2%. The Tarrytown, New York-based company was on the leaderboard last month, which was only a couple months after its August 2022 IPO. PaxMedica was ranked 30th in the previous week's leaderboard, marking the biggest move of the top five short squeeze candidates.
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Getty Images (NYSE:GETY): The content creator and image marketplace rejoins the leaderboard's top five candidates after ranking 12th last week. The Seattle-based company, which went public via SPAC merger, previously topped the leaderboard in earlier November. Data shows 84.5% of the float short and a cost to borrow of 198.1%. Last week, the report showed 84.5% of the float short and a cost to borrow of 181.7%. Benzinga identified the stock as one to watch that could jump back into the top five candidates.
Hour Loop (NASDAQ:HOUR): The e-commerce company is the lone carryover from last week's top five short squeeze candidates. The stock moves down two places after topping the list last week. Data shows 15.6% of the float short, in line with last week's report. The cost to borrow of 56.8% is slightly higher than last week's reported 55.5%.
SurgePays Inc (NASDAQ:SURG): The fintech company ranks fourth on the leaderboard moving up 14 places from last week. The company previously was a top five short squeeze candidate in October. Data shows 63.9% of the float short and a cost to borrow of 7.1%.
Abeona Therapeutics (NASDAQ:ABEO): Clinical stage biopharmaceutical company Abeona Therapeutics joins the leaderboard for the week, moving up 9 places from last week's report. Data shows 5.6% of the float short and a cost to borrow of 17.5%.
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