Pay Attention to These 5 Stocks Making Big Moves Today

Exelixis Higher as FDA Approves Cabozantinib

Exelixis, Inc. (NASDAQ:EXEL) is 3% higher on the news that the FDA has approved the company’s cabozantinib (Brand Name: CABOMETYX) for the treatment of advanced renal cell carcinoma for patients who have received prior anti-angiogenic therapies. Renal cell carcinoma is the most common form of kidney cancer in adults. CEO Michael Morrissey discussed the approval in a press release announcing the news:

“With today’s announcement, patients with previously treated advanced kidney cancer now have a new option, the first and only approved product demonstrated to help patients live longer while also delaying the progression of their cancer. We are proud to bring new hope to this community, who are looking for more therapies that can help extend lives. Exelixis is committed to making CABOMETYX available to patients in need within the next couple weeks.”

The number of elite funds with holdings in Exelixis, Inc. (NASDAQ:EXEL) rose by five quarter-over-quarter to 17 as of the end of December.

Tenneco Turns in Excellent Quarter

Tenneco Inc (NYSE:TEN) reported first quarter EPS of $1.17 on sales of $2.14 billion today, beating estimates by $0.06 per share and $60 million, respectively. Sales rose by 5.9% year-over-year, led by the company’s Clean Air division, which saw its revenue jump by 7.8% year-over-year to $1.515 billion. Adjusted EBIT rose by 30 basis points to 6.5%. Management is expecting revenue to rise by 6% in the second quarter when excluding any currency impact. Shares of Tenneco Inc (NYSE:TEN) are 10% higher this afternoon on the news. The number of funds in our database that held shares of Tenneco rose by three during the fourth quarter to 31.

Cynosure Reports Better-Than-Expected Quarterly Results

Cynosure, Inc. (NASDAQ:CYNO) is 4% higher after the company reported better-than-expected first quarter results. For the first three months of the year, Cynosure earned $0.19 in EPS on sales of $94.66 million, beating the consensus by $0.05 per share and $8.88 million, respectively. Sales jumped by 26.4% year-over-year while the company’s operating income rose by 114.3% to $4.5 million. Chief Executive Officer Michael Davin reflected on the company’s performance in a press release announcing the results:

“Sustained momentum in North America, in part reflecting the full U.S. launch of SculpSure, helped generate solid first-quarter results for Cynosure, as our domestic business posted year-over-year top-line growth for the 22nd consecutive quarter. Higher revenue and favorable product mix drove increased margins and profitability, even as we accelerated our sales and marketing investments during the quarter to coincide with the rollout of SculpSure across all of our U.S. direct sales territories. We are extremely pleased with the progress of the launch and the response SculpSure is receiving from physicians and patients.”

15 top funds that Insider Monkey tracks in its database owned slightly over 10% of Cynosure, Inc. (NASDAQ:CYNO)’s shares at the end of 2015.

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