Solar and Biotech Stocks Are Leading Today’s Gainers

U.S. stocks opened higher today, with the Dow Jones up by triple digits at one point in time, before turning south and briefly dipping into red. Investors are nervously awaiting the Fed’s interest rate decision, yet some of them are relaxed, after their stocks managed some solid advances early on. Let’s find out why First Solar, Inc. (NASDAQ:FSLR), Canadian Solar Inc. (NASDAQ:CSIQ), China Finance Online Co. (ADR) (NASDAQ:JRJC), Advaxis, Inc. (NASDAQ:ADXS), and Acasti Pharma Inc (NASDAQ:ACST) are among the top gainers of this morning.

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Solar stocks are surging today, after the U.S. lawmakers announced a tax and budget deal late Tuesday. Shares of First Solar, Inc. (NASDAQ:FSLR) have jumped by as much as 10% so far today. The stock has been on a hot streak this week, after 195 countries, including the United States, agreed to lower greenhouse gas emissions on Saturday at the Paris climate conference. The deal could lead to a shift from traditional energy sources to renewable sources, including solar.

At the end of the third quarter, First Solar, Inc. (NASDAQ:FSLR) could be found in the portfolios of 34 elite funds, up from 30 funds a quarter earlier. Israel Englander is a big fan of the stock, having boosted his investment by 433% over the quarter to amass 1.05 million shares valued at $45.2 million.

It’s not just U.S. solar stocks that are on the rise today. Shares of Canadian Solar Inc. (NASDAQ:CSIQ) are up by more than 8% after the company announced the sale of its Illumination LP solar power plant to an affiliate of DIF Infrastructure III, in a deal worth CAD 65.9 million ($48.4 million). Canadian Solar has also announced it has secured a tranche of $80 million under its previously announced loan deal with Credit Suisse. In return, the company has issued two-year warrants to purchase up to 940,171 shares at a price of $28.08 per share, as stipulated by the terms of the loan.

Hedge fund support for Canadian Solar Inc. (NASDAQ:CSIQ) took a tumble during the third quarter, as the number of hedge fund long positions decreased to 22 from 32 at the end of June. Israel Englander’s Millennium Management is the largest holder of Canadian Solar Inc. (NASDAQ:CSIQ) stock, according to our database, having reported ownership of 2.65 million shares worth a little over $44.1 million.

Third quarter results have sent China Finance Online Co. (ADR) (NASDAQ:JRJC) soaring by more than 35%. The web-based financial services company has posted a 75% annual increase in net revenues to $37 million, while net profit was $9.7 million, significantly higher than the $2.4 million reported a year ago.

“We further streamlined our business and freed up additional resources that will allow us to reinvest in and fully focus on developing both iTouGu and Yinglibao. As a result, iTouGu grew rapidly during the quarter,” said Zhiwei Zhao, Chairman and CEO of China Finance Online.

Only one of the hedge funds that we follow has reported a stake in China Finance Online Co. (ADR) (NASDAQ:JRJC) at the end of the quarter. In its latest 13F filing, Millennium Management reported a holding that amassed 20,257 shares valued at roughly $70,000 at the end of September.

Shareholders of Advaxis, Inc. (NASDAQ:ADXS) are all smiles this morning, after the company announced that the Food and Drug Administration has lifted the ban on its cancer drug candidate and will allow tests to continue. The company also said it agreed to implement some risk-mitigation measures and surveillance measures. The FDA suspended all trials after a cancer patient tested positive for listeria, having taken Advaxis’ cancer drug axalimogene filolisbac and died earlier this year. Shares rose by as much as 38% in early trading.

Approximately 38% of Advaxis, Inc. (NASDAQ:ADXS)’s stock was held by 21 hedge funds at the end of the third quarter, up from 13 funds at the end of June. Phill Gross and Robert Atchinson are bullish on this stock, having increased their investment by 6% during the quarter to 5.94 million shares.

Acasti Pharma Inc (NASDAQ:ACST) is also among today’s top gainers, after the emerging biotech company received positive feedback from the U.S. Food and Drug Administration regarding its CaPre® development proposal. The company is set to amend its new drug application in order to commence a bridging study. Derived from krill oil, CaPre was designed by Acasti for the treatment of high triglycerides. Shares are currently trading at $2.36, up by 47% from yesterday’s closing price.

Hedge fund presence among the shareholders of Acasti Pharma Inc (NASDAQ:ACST) was insignificant at the end of the third quarter, as only three funds reported a position in this stock. Jim Simons‘ Renaissance Technologies nearly doubled its holding of the stock to 64,100 shares valued at $17,000 at the end of September.

Disclosure: none