PlayStation’s ‘wishlist’ for Cyberpunk sparks CD Projekt rally

Sony pulled Cyberpunk out from its store a week after game was released on Dec 10 due to quality issues. The unprecedented move hit CD Projekt heavily and reduced sales of the studio’s would-be blockbuster. The company issued numerous patches improving game’s stability, but hasn’t been able to get the title restored yet. — Reuters

CD Projekt SA jumped on hopes that its Cyberpunk 2077 game will soon return to Sony Group Corp’s PlayStation store.

Sony’s flagship gaming store added a new “wishlist” button for the Cyberpunk game, a second step toward reinstating the tittle after its decision to shut down – effective from June 18 – a special website which facilitates refunds for disgruntled players.

Shares in Poland’s biggest computer games studio soared as much as 9.6% in Warsaw, extending its rebound since June 1 to 30%.

Sony pulled Cyberpunk out from its store a week after game was released on Dec 10 due to quality issues. The unprecedented move hit CD Projekt heavily and reduced sales of the studio’s would-be blockbuster. The company issued numerous patches improving game’s stability, but hasn’t been able to get the title restored yet.

While analysts see changes at Sony’s store as a positive signal, some are surprised by scale of Tuesday’s market reaction, given weak sales of the game through other platforms during the first quarter.

“Marginal institutional longs tell me they are waiting for hard data catalysts, not announcements, so I’m a bit surprised by the trading reaction,” Matti Littinnen, an analyst at Bernstein Autonomous LLP in London, said by email. “A ‘wishlist ‘might be a good way for Sony to gauge demand before committing to putting the game back.”

The move comes after short interest on CD Projekt rose above 15% of freely-traded shares in June, surpassing the previous record following the release of the game, according to data compiled by IHS Markit Ltd.

“With such extreme positioning on the stock, any positive news may be a trigger for a short squeeze,” Pawel Sugalski, a portfolio manager at Rockbridge TFI SA, said by email.

Sony Interactive Entertainment’s spokeswoman didn’t reply to phone calls seeking comment. Its head Jim Ryan said in the interview with Axios on June 11 that removing Cyberpunk from store “was a tough decision”, but did not give details when it may restore game.

CD Projekt’s spokeswoman declined to comment. The studio said earlier that is working on another update of Cyberpunk. – Bloomberg