Juno Therapeutics, Kite Pharma, & Petrobras Among the Morning’s Trending Stocks

Crude futures are 1% lower today after yesterday’s disappointing API inventory data. Bullish traders hope today’s EIA data will again contradict the API however, letting the market’s good times roll on for a fourth-straight day.

Among the stocks trending this Wednesday morning are Juno Therapeutics Inc (NASDAQ:JUNO), Kite Pharma Inc (NASDAQ:KITE), ADTRAN, Inc. (NASDAQ:ADTN), Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), and AngioDynamics, Inc. (NASDAQ:ANGO). Let’s take a closer look at why these stocks are making headlines and see how elite funds are playing each stock.

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Juno Rises on Study Resumption

Juno Therapeutics Inc (NASDAQ:JUNO) shares have surged by 27% in pre-market trading after the FDA removed a clinical hold on the company’s Phase II clinical trial of JCAR015 in adult patients with refractory or relapsed B cell acute lymphoblastic leukemia. The Phase 2 clinical trial was previously put on hold due to the death of two patients who used both cyclophosphamide and fludarabine. Going forward, the patients in the trial will use only cyclophosphamide, the CAR-T treatment, and not the chemotherapy preconditioning drug fludarabine. Of the 766 active funds that we track, 14 funds owned $32.27 million of Juno Therapeutics Inc (NASDAQ:JUNO)’s shares on March 31, which accounted for a mere 0.80% of the float.

Kite Pharma Rides Juno’s Coattails

Kite Pharma Inc (NASDAQ:KITE) is up by around 9% today due to Juno’s surge. As previously mentioned, Juno Therapeutics shares are up by 27% today due to the FDA allowing a previously ‘on hold’ Phase II clinical trial to continue. The trial is assessing the safety and efficacy of a potential treatment for refractory or relapsed B cell acute lymphoblastic leukemia. Both companies are trying to bring chimeric antigen receptor T cell (or CAR-T) therapies to the market. Kite Pharma announced that it would go ahead with a phase II study under the same conditions as Juno’s, on the same day that the deaths in Juno’s study were announced, timing that was considered ill-advised. 23 funds in our system owned shares of Kite Pharma Inc (NASDAQ:KITE) at the end of March, down by four funds from the end of the prior quarter.

On the next page we’ll examine why ADTRAN Inc, Petroleo Brasileiro SA Petrobras, and AngioDynamics, Inc. are making pre-market moves.
ADTRAN Reports Earnings

ADTRAN, Inc. (NASDAQ:ADTN) earned $0.25 per share on revenue of $162.7 million for the second quarter, beating the consensus estimates by $0.05 per share and $0.27 million, respectively. Earnings and sales beat estimates in part due to strong demand in the United States, particularly for the company’s FTTP and 100 megabit products. ADTRAN’s services businesses also continued their robust growth, with a revenue increase of 51% year-over-year. 11 top funds that we track owned shares of ADTRAN, Inc. (NASDAQ:ADTN) as of the most recent 13F reporting period.

Petrobras Starts Production in Field

Traders are watching Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) shares today after the company disclosed that it has begun production at its Cidade de Saquarema unit. The production well is expected to yield a stabilized rate of as much as 30,000 BOE per day in the near future. The cash flow generated from the well will help Petrobras reduce its substantial debt burden. Traders are also watching Petrobras today due to today’s upcoming EIA report. If the EIA inventory numbers contradict yesterday’s API numbers, Petrobras could rally. 23 funds in our database had a bullish position in Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) at the end of March, down by one quarter-over-quarter.

AngioDynamics Beats Estimates

AngioDynamics, Inc. (NASDAQ:ANGO) beat the consensus estimates with its fourth quarter of fiscal year 2016 results, earning $0.19 per share on revenue of $93.37 million. Analysts were expecting $0.03 and $4.96 million less, respectively. For the full fiscal year 2016, AngioDynamics earned adjusted EPS of $0.58 on revenue of $353.7 million. The company expects mild growth in fiscal year 2017, predicting EPS of $0.62-to-$0.65 and sales of $355 million-to-$360 million for the fiscal year. 14 funds in our system were long AngioDynamics, Inc. (NASDAQ:ANGO) at the end of March, shares of which are up by 3.50% in pre-market trading.

Disclosure: None