Here’s Why Eleven Bio, SouFun, Glaukos, Match Group, and Triumph Group Are Surging Today

U.S. stocks continue to tumble on Wednesday, driven by weak economic data out of the U.S, disappointing corporate financial results, and declining metal prices. However, as usual, a few stocks are moving in the opposite direction. Among the day’s most relevant gainers are Eleven Biotherapeutics Inc (NASDAQ:EBIO), SouFun Holdings Ltd (NYSE:SFUN), Glaukos Corp (NYSE:GKOS), Match Group Inc (NASDAQ:MTCH) and Triumph Group Inc (NYSE:TGI), all of which are posting significant surges in the afternoon. Let’s take a look into the events behind these notable spikes, and see how the hedge funds in our database have been trading these companies lately.

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Eleven Biotherapeutics Spikes on Renewed Hope for Isunakinra

Let’s begin with Eleven Biotherapeutics Inc (NASDAQ:EBIO), which is up by roughly 34.8% on more than 6-times its regular trading volume today. Shares have now gained more than 316% over the past month, regaining some of the ground lost in May of 2015 and January of 2016; however, the stock is still down by almost 90% in relation to where it was a year ago. But, why the tumble and sudden recuperation? Well, the company’s isunakinra had originally failed late-stage trials for dry eye disease and allergic conjunctivitis. Nonetheless, more recently, post hoc analysis showed that the drug candidate would likely be effective among a group of patients with particular genetic patterns of IL-1 (interleukin-1).

Among the funds that we track, very few were in a position to benefit from a spike in Eleven Biotherapeutics Inc (NASDAQ:EBIO)’s stock. Only three firms in our database were long the stock at the end of 2015.

SouFun’s Stock Moving To Shanghai

Next up is SouFun Holdings Ltd (NYSE:SFUN), which is up by 9.3% on Wednesday afternoon, on news that the company plans to change its stock listing from the U.S to mainland China in an attempt to boost its valuation. As part of the migration process, SouFun will swap assets and shares with Chongqing Wanli New Energy Co.; however, the deal still needs to be approved by regulators.

Unlike Eleven Biotherapeutics, SouFun Holdings Ltd (NYSE:SFUN) is quite popular among hedge funds. As of the end of 2015, the company counted 18 supporters in our database, who held roughly 8.4% of its total shares. A noteworthy position was that of Kerr Neilson’s Platinum Asset Management, which held 16.67 million shares of the company on December 31.

We cover three more surging stocks on the next page.

Glaukos Surges on Strong Results

Shares of Glaukos Corp (NYSE:GKOS) are trading up by approximately 23.3% this afternoon following the announcement of the company’s first quarter financial results. After the market closed on Tuesday, the small-cap ophthalmic medical technology firm posted EPS of $0.03, $0.18 above the Street’s consensus, on revenue of $23.1 million, which was not only up by an impressive 57.1% year-over-year, but also beat estimates by $4.33 million. In addition, management boosted its full year sales guidance to $100 million-to-$102 million from $90 million-to-$93 million. The fresh outlook stands well above the Street’s $92 million consensus.

By the end of the fourth quarter of 2015, six funds among those that we track held more than 18% of Glaukos Corp (NYSE:GKOS)’s float. In this group was Samuel Isaly’s Orbimed Advisors, holding 2.89 million shares of the company.

Sturdy Results Also Drive Match Group Up

Another big gainer on Wednesday is Match Group Inc (NASDAQ:MTCH), which is up by more than 15.2% in the early afternoon, also being driven by strong first quarter financial results. After the bell rang on Tuesday, the online dating company reported EPS of $0.11, $0.03 ahead of the Street’s consensus estimate, on revenue of $285.28 million, up by 21.4% year-over-year, and $3.53 million above estimates.

Match Group Inc (NASDAQ:MTCH) counted the support of 18 funds in our database at the end of the fourth quarter. Among them was David Einhorn’s Greenlight Capital, with a holding of 640,126 shares of the company.

Triumph Group Triumphing in Trading

Finally, there’s Triumph Group Inc (NYSE:TGI), which is up by more than 5.7% in Wednesday trading, even though the company’s fourth quarter of fiscal year 2016 EPS of $1.32 missed estimates by $0.16 this morning. However, the company’s quarterly revenue of $1.06 billion, which beat expectations by $20 million, and its completion of a comprehensive review of operations seemed to please investors.

18 funds among those that we track were long Triumph Group Inc (NYSE:TGI) at the end of the fourth quarter. The largest stake was held by Alexander Roepers’ Atlantic Investment Management, and consisted of 2.96 million shares of the company valued at more than $117 million.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.