Hedge Funds Eye “Potent” Anti-Viral Covid-19 Drug Molnupiravir (Hedge Week)
The development of molnupiravir, a “potent” oral anti-viral Covid-19 treatment, could help boost flagging consumer stocks reliant on the global economic reopening, as healthcare-focused hedge funds look to rebound following recent losses. US multinational pharmaceutical manufacturer Merck’s new drug – which is designed to help reduce Covid-19 symptoms for people with Covid-risk factors including age, obesity, and diabetes – offers “great potential” to fully re-open the global economy, Man Group noted in market commentary on Tuesday.
Hedge Fund Assets Under Management Growing (Pensions & Investments)
Three out of the four main hedge fund strategies tracked by HFR ended June with more than $1 trillion of assets under management. Equity hedge funds, which include equity market-neutral, growth, value and quantitative strategies, had more than $1.2 trillion of assets. Event-driven strategies, such as credit arbitrage, merger arbitrage,and activist, followed closely behind with $1.1 trillion of assets, while relative value had a shade over $1 trillion. Macro lagged with $644 billion in assets.
Activist Hedge Fund Bluebell Wants Glaxo Chairman Replaced (Bloomberg)
Activist hedge fund Bluebell Capital Partners has asked GlaxoSmithKline Plc to replace its chairman as well as chief executive officer, piling further pressure on the drugmaker.
Hubilo Raising $125 Million from U.S. Hedge Fund, Existing Investors (Reuters)
SINGAPORE (Reuters) – Hybrid events platform company Hubilo said it is raising $125 million in a private funding round, backed by new investor U.S.-based hedge fund Alkeon Capital and existing investors Lightspeed Venture Partners and Balderton Capital. Since Hubilo started out as an events tech firm in India in 2015, its co-founders Vaibhav Jain and Mayank Agarwal have steered the company’s aggressive growth in digital events after physical events were scrapped due to the COVID-19 pandemic and Hubilo’s revenue dwindled.
Monday 10/11 Insider Buying Report: EVRG, IBRX (Nasdaq.com)
On Wednesday, Evergy’s Director, C. John Wilder, made a $2.51M purchase of EVRG, buying 39,872 shares at a cost of $62.91 each. Investors can snag EVRG even cheaper than Wilder did, with shares changing hands as low as $61.34 in trading on Monday which is 2.5% under Wilder’s purchase price. Evergy Inc is trading down about 0.9% on the day Monday. Before this latest buy, Wilder bought EVRG on 4 other occasions during the past twelve months, for a total cost of $121.94M at an average of $50.62 per share. And at ImmunityBio, there was insider buying on Friday, by CEO & President Richard Adcock who bought 1,930 shares at a cost of $8.81 each, for a total investment of $16,995. ImmunityBio is trading up about 10.2% on the day Monday. So far Adcock is in the green, up about 12.3% on their purchase based on today’s trading high of $9.89.
The Chairman of Facedrive Inc (Other OTC: FDVRF) is Selling Shares (Analyst Ratings)
Today, the Chairman of Facedrive Inc (FDVRF), Junaid Razvi, sold shares of FDVRF for $476.5K. In addition to Junaid Razvi, 19 other FDVRF executives reported Sell trades in the last month. Over the last month, Junaid Razvi has reported another 3 Sell trades on FDVRF for a total of $1.67M. Based on Facedrive Inc’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $5.8 million and GAAP net loss of -$7,559,851.
Notable Sprout Social Insider Trades $2.3M In Company Stock (Benzinga)
Justyn R. Howard, Chairman And CEO at Sprout Social (NASDAQ:SPT), made a large buy and sell of company shares on October 8, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission states that Justyn R. Howard exercised options to purchase 20,000 Sprout Social shares for $0 on October 8. They then sold their shares on the same day in the open market. They sold at prices ranging from $111.99 to $118.23 to raise a total of $2,296,488 from the stock sale. Howard still owns a total of 171,341 shares of Sprout Social worth, $19,709,355.
