Short Interest in Drugs Made In America Acquisition Corp. (NASDAQ:DMAA) Grows By 8,397.5%

Key Points

• Short interest in Drugs Made In America Acquisition (NASDAQ:DMAA) jumped 8,397.5% in April to 1,465,993 shares, equal to about 4.3% of the stock and a short-interest ratio of 4.0 days.
• Multiple institutions moved into or expanded DMAA positions—Wolverine Asset Management and Radcliffe Capital materially increased holdings, while Context Capital, Clear Street and JPMorgan Chase established new multi-million-dollar stakes.
• Despite the surge in short activity, the stock traded at its 1‑year high of $10.56 on very light volume and carries a consensus analyst rating of Sell.

Drugs Made In America Acquisition Corp. (NASDAQ:DMAA - Get Free Report) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totaling 1,465,993 shares, a growth of 8,397.5% from the March 31st total of 17,252 shares. Based on an average daily volume of 365,632 shares, the short-interest ratio is presently 4.0 days. Currently, 4.3% of the company's stock are sold short.

Institutional Trading of Drugs Made In America Acquisition

A number of hedge funds have recently made changes to their positions in DMAA. Context Capital Management LLC acquired a new stake in Drugs Made In America Acquisition during the 3rd quarter worth approximately $2,568,000. Clear Street Group Inc. acquired a new stake in Drugs Made In America Acquisition during the 3rd quarter worth approximately $2,152,000. Wolverine Asset Management LLC lifted its holdings in Drugs Made In America Acquisition by 22.2% during the 3rd quarter. Wolverine Asset Management LLC now owns 1,249,128 shares of the company's stock worth $12,829,000 after purchasing an additional 227,222 shares during the last quarter. Radcliffe Capital Management L.P. lifted its holdings in Drugs Made In America Acquisition by 316.7% during the 3rd quarter. Radcliffe Capital Management L.P. now owns 528,100 shares of the company's stock worth $5,424,000 after purchasing an additional 401,378 shares during the last quarter. Finally, JPMorgan Chase & Co. acquired a new stake in Drugs Made In America Acquisition during the 3rd quarter worth approximately $1,024,000.

Drugs Made In America Acquisition Stock Performance

Shares of DMAA traded up $0.02 during mid-day trading on Friday, reaching $10.56. The company's stock had a trading volume of 1,350 shares, compared to its average volume of 152,747. Drugs Made In America Acquisition has a 1-year low of $10.05 and a 1-year high of $10.56. The business has a 50-day simple moving average of $10.49 and a two-hundred day simple moving average of $10.40.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Drugs Made In America Acquisition in a research report on Monday, December 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Sell".

Drugs Made In America Acquisition Company Profile

Drugs Made In America Acquisition Corp NASDAQ: DMAA is a special purpose acquisition company incorporated in Delaware with the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company's stated focus is on identifying and acquiring one or more operating businesses in the U.S. pharmaceutical sector, particularly those involved in the domestic manufacturing of approved drugs, active pharmaceutical ingredients or related contract development and manufacturing services.

Operating as a blank‐check vehicle, Drugs Made In America Acquisition holds its funds in a trust account pending the completion of an initial business combination.

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