Chinook shares down about 6%, paring steep loss after Muddy Waters reveals short position in drugmaker

Business & FinanceHealth

Reuters was first to report that well known short seller Muddy Waters was taking a new short position on Tuesday, in pharmaceutical company, Chinook Therapeutics Inc <KDNY.O >. Chinook’s share prices, which fell as much 18% on Tuesday, dropped within minutes of Reuters reporting.

Market Impact

The stock was last down 6.77% at $21.815 a share. But immediately after Muddy Waters announced its short position, a bet the stock would decline, Chinook shares fell as low as $19.20, down 18% from the $23.40 close on Monday. Other healthcare stocks also fell.

Article Tags

Topics of Interest: Business & FinanceHealth

Type: Reuters Best

Sectors: Pharmaceuticals & Healthcare

Regions: Americas

Countries: United States

Win Types: Speed

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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