Here’s Why These Five Stocks Are Trending

It’s been a quiet day on Wall Street so far, as the three major index futures haven’t deviated much from yesterday’s close. However, volatility could come back as the ‘Brexit’ vote on Thursday nears.

Among the stocks trending today are McDermott International (NYSE:MDR), GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH), Neustar Inc (NYSE:NSR), Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX), and BHP Billiton Limited (ADR) (NYSE:BHP). Let’s take a closer look at these stocks and see what the funds we track think about them.

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McDermott Wins Contract

McDermott International (NYSE:MDR)’s shares opened modestly higher after the company announced that it was awarded further pipeline work for 2017 under an existing multi-year offshore installation contract with Brunei Shell Petroleum Company. The full scope of the work is expected to include the transportation and installation of 20 miles of pipelines, installation of risers, and the pre-commissioning of the completed system. Shares of McDermott International (NYSE:MDR) have surged 41% year-to-date so far. Of the 766 elite funds we track, 21 funds owned $109.01 million worth of McDermott International (NYSE:MDR)’s stock, which accounted for 11.10% of the float on March 31, versus 22 funds and $107.39 million respectively on December 31.

GW Pharmaceuticals Up On Drug Update

GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) is trending after the company selected infantile spasms as its fourth target indication for its Epidiolex orphan pediatric epilepsy development program. This is after the FDA granted the Orphan Drug Designation for Epidiolex for the treatment of infantile spasms. The company expects to commence a two-part Phase 3 study in the fourth quarter of 2016. GW is also developing Epidiolex for the potential treatment of Dravet syndrome, Lennox-Gastaut syndrome (LGS) and Tuberous Sclerosis Complex (TSC). A total of 18 funds tracked by us owned shares of GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) at the end of the first quarter.

On the next page, we examine Neustar, Progenics Pharmaceuticals, and BHP Billiton Limited.

Neustar to Split Up to Unlock Shareholder Value

Neustar Inc (NYSE:NSR) has announced its intention to separate into two publicly traded companies in a tax-free spin-off that will likely occur over the next twelve months. One of the companies will focus on information services, while the other will focus  on order management and numbering services. Neustar has retained JP Morgan as a financial advisor for the transaction. Shares of the stock have popped nearly 8% on the news. At the end of March, 17 funds tracked by us were bullish on Neustar Inc (NYSE:NSR), down by seven funds from the previous quarter.

Progenics Signs Commercial License Agreement

Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) shares are in the green after the company signed a commercial license agreement with Selexis SA over the use of Selexis’ SUREtechnology platform and proprietary cell line. The SUREtechnology platform should facilitate cost-effective production of recombinant proteins and provide seamless integration of the bioproduction continuum. The number of funds from our database with holdings in Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) inched up by one quarter-over-quarter to 14 at the end of March.

BHP Billiton Sticking With Coal

BHP Billiton Limited (ADR) (NYSE:BHP) is 0.8% in the red today after the commodities giant said it will continue producing coal despite the industry slow-down. Although coking coal prices are considerably lower than what they were five years ago, BHP management thinks demand will increase as developing economies grow. BHP hopes to cut costs and increase productivity in the meantime to shore up its earnings. Shares of the company depend heavily on Chinese demand at the moment and BHP could use a little diversification from India and other developing countries. Among the funds we track, 12 funds were long BHP Billiton Limited (ADR) (NYSE:BHP) at the end of March, up by two from the previous quarter.

Disclosure: none