Telix Pharmaceuticals Leads List of Most Shorted ASX Shares in May 2026

Market data as of May 4, 2026, indicates that Telix Pharmaceuticals Ltd remains the most shorted stock on the Australian Securities Exchange (ASX). According to figures released by the Australian Securities & Investments Commission (ASIC), short interest in the pharmaceutical company has reached 16.10%. This data, which operates on a four-trading-day lag (T+4), reflects the market positions held between April 27 and April 29, 2026.

Short selling involves investors borrowing shares to sell them on the open market with the intention of buying them back later at a lower price. While high short interest often signals bearish sentiment regarding a company's future valuation, it can also be a result of sophisticated hedging strategies. For the period ending May 4, 2026, the ten most shorted companies on the ASX show a diverse range of sectors, from healthcare and retail to energy and defence.

Healthcare and Retail Lead Short Interest

Telix Pharmaceuticals Ltd leads the list with 16.10% short interest. The company has experienced significant volatility over the past year, with its share price falling nearly 75% between February 26, 2025, and a low on February 16, 2026. More recently, the company launched a US$550 million convertible bond offering, part of a broader strategy that includes a US$600 million convertible bond refinancing. These financial moves, maturing in 2029, appear to have drawn the attention of short sellers, potentially through convertible-arbitrage strategies.

Domino's Pizza Enterprises Ltd holds the second-highest short position on the ASX at 15.48%. Investor skepticism remains focused on the company’s ongoing turnaround strategy. Despite efforts to revitalise its global operations, a significant portion of the market continues to bet against a rapid recovery in the pizza giant's share price. Following closely is Polynovo Ltd, with 14.29% of its shares held short. Market analysts suggest that Polynovo’s high earnings multiples have made it a primary target for short sellers looking for perceived overvaluation in the medical device sector.

Consumer Goods and Fast Food Challenges

Treasury Wine Estates Ltd has recorded a short interest of 13.24%. The company has faced a difficult operating environment, particularly within the international wine market. This sentiment follows a 40% fall in profit and a subsequent impairment on its United States assets. The combination of tough trading conditions and reduced profitability has sustained high levels of bearish interest in the stock.

Guzman Y Gomez Ltd also features prominently in the top ten, with 12.08% short interest. The fast-food chain has faced persistent concerns regarding its expansion into the United States. Investors appear cautious about the performance of its struggling US business, leading to increased short positions as the company attempts to scale its international footprint.

Financial Services and Travel Sentiment

In the financial technology sector, Zip Co Ltd has 11.76% of its shares held short. This high level of short interest persists despite the company delivering strong quarterly updates recently. The discrepancy between operational performance and short-seller activity suggests continued debate over the long-term valuation of buy-now-pay-later providers.

Flight Centre Travel Group Ltd is the seventh most shorted stock at 11.68%. Short sellers in this instance are likely reacting to broader macroeconomic concerns. Potential impacts on global travel demand, stemming from international conflicts and the persistence of higher airfares, have led some investors to anticipate a decline in the travel agency’s market value.