Boston Scientific Corporation (NYSE:BSX) Sees Large Increase in Short Interest

Key Points

• Short interest in Boston Scientific surged 83% in May to 57.5 million shares, with about 3.9% of the float sold short and a short-interest ratio of 2.3 days.
• The stock was down slightly to $46.69, near its 52-week low of $45.99 and well below its 50-day and 200-day moving averages.
• Boston Scientific reported solid quarterly results, beating EPS and revenue estimates, and it also announced a $5 billion share repurchase program; however, analysts have recently trimmed price targets and one firm downgraded the stock.

Boston Scientific Corporation (NYSE:BSX - Get Free Report) was the target of a large increase in short interest during the month of May. As of May 29th, there was short interest totaling 57,491,117 shares, an increase of 83.0% from the May 14th total of 31,423,298 shares. Currently, 3.9% of the shares of the stock are sold short. Based on an average daily volume of 25,507,630 shares, the short-interest ratio is presently 2.3 days.

Boston Scientific Stock Down 0.5%

Shares of BSX traded down $0.22 during trading hours on Monday, reaching $46.69. 5,080,603 shares of the stock traded hands, compared to its average volume of 17,600,012. The company has a market cap of $69.39 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 0.89 and a beta of 0.56. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. Boston Scientific has a 52 week low of $45.99 and a 52 week high of $109.50. The stock has a fifty day simple moving average of $56.37 and a 200 day simple moving average of $74.78.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The medical equipment provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.79 by $0.01. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.19 billion. Boston Scientific had a net margin of 17.29% and a return on equity of 19.17%. The company's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Boston Scientific has set its Q2 2026 guidance at 0.820-0.840 EPS and its FY 2026 guidance at 3.340-3.410 EPS. On average, equities analysts forecast that Boston Scientific will post 3.36 EPS for the current year.

Boston Scientific announced that its board has initiated a stock repurchase plan on Monday, May 18th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to buy up to 6.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Boston Scientific

In related news, Director Cheryl Pegus acquired 1,770 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average price of $56.49 per share, with a total value of $99,987.30. Following the purchase, the director directly owned 1,770 shares in the company, valued at approximately $99,987.30. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director David C. Habiger acquired 2,250 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average cost of $55.92 per share, with a total value of $125,820.00. Following the purchase, the director owned 13,878 shares in the company, valued at $776,057.76. The trade was a 19.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 9,800 shares of company stock valued at $554,012 in the last quarter. Insiders own 0.34% of the company's stock.

Institutional Trading of Boston Scientific

Several hedge funds and other institutional investors have recently modified their holdings of BSX. Murphy & Mullick Capital Management Corp raised its position in shares of Boston Scientific by 200.0% in the third quarter. Murphy & Mullick Capital Management Corp now owns 255 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 170 shares during the period. FWL Investment Management LLC bought a new stake in shares of Boston Scientific in the second quarter valued at approximately $26,000. Swiss RE Ltd. bought a new stake in shares of Boston Scientific in the fourth quarter valued at approximately $26,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Boston Scientific in the fourth quarter valued at approximately $26,000. Finally, Colonial Trust Co SC raised its position in shares of Boston Scientific by 502.2% in the third quarter. Colonial Trust Co SC now owns 277 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 231 shares during the period. Institutional investors own 89.07% of the company's stock.

Analyst Ratings Changes

BSX has been the subject of a number of analyst reports. Zacks Research downgraded shares of Boston Scientific from a "hold" rating to a "strong sell" rating in a research note on Friday, June 5th. Canaccord Genuity Group lowered their target price on shares of Boston Scientific from $71.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, June 1st. Robert W. Baird set a $70.00 price target on shares of Boston Scientific in a report on Thursday, May 28th. Leerink Partners reduced their price target on shares of Boston Scientific from $87.00 to $74.00 and set an "outperform" rating for the company in a report on Thursday, May 28th. Finally, Citigroup reduced their price target on shares of Boston Scientific from $87.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $85.08.

About Boston Scientific

Boston Scientific Corporation NYSE: BSX is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific's activities span product development, clinical research, regulatory affairs and commercial sales.

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