In this article, we will discuss some of the notable stocks trending today. To take a look at some more stocks that are gaining, go to Trending Stocks on Tuesday: Top 5 Gainers.
According to RBC Capital Markets, investors who are bullish about US equities over a course of the “next six months to a year have nearly vanished” as the Federal Reserve tightens its monetary policy due to high inflation. The indices today are reflecting these sentiments, with the S&P 500 index down 0.81% and the NASDAQ Composite index down 1.97% as of 1 PM ET. However, some of the popular stocks such as Peabody Energy Corporation (NYSE:BTU), Twitter, Inc. (NASDAQ:TWTR), and Carnival Corporation & plc (NYSE:CCL) were seen making gains today.
Let’s look at why these stocks are gaining today and discuss how hedge funds are positioned in them.
10. Arcus Biosciences, Inc. (NYSE:RCUS) has gained 10.1% as of 12:21 PM ET after S&P Dow Jones Indices included the Hayward, California-based biotech company in the S&P SmallCap 600. Arcus Biosciences, Inc. (NYSE:RCUS) will replace Investors Bancorp, Inc. (NASDAQ:ISBC). The change will be effective before the opening bell on Thursday. Investors Bancorp is making way as Citizens Financial Group, Inc. (NYSE:CFG) is acquiring the company and intends to close the deal in the near future. Inclusion in the S&P SmallCap 600 will bring investment into Arcus Biosciences, Inc. (NYSE:RCUS) from various diversified funds that replicate the performance of the index.
Of the 924 hedge funds in Insider Monkey’s database, Arcus Biosciences, Inc. (NYSE:RCUS) was held by 22 hedge funds as of Q4 2021.
9. First Republic Bank (NYSE:FRC) is up 1.8% as of 10:50 AM ET after the San Francisco, California-based regional bank was upgraded from an Underperform to a Neutral rating by Roth Katzke at Credit Suisse in a report issued earlier today. The analyst gave a target price of $187, reflecting a potential upside of 16% from the last closing price. The stock price of First Republic Bank (NYSE:FRC) has lost 22% of its value since the start of 2022 as the bank was undergoing a transition in management. Katzke thinks that the transition is now complete and First Republic Bank (NYSE:FRC) is on the move forward.
As of Q4 2021, First Republic Bank (NYSE:FRC) was held by 39 hedge funds. Select Equity Group is long over 3 million shares of First Republic Bank (NYSE:FRC).
8. Teva Pharmaceuticals Limited (NASDAQ:TEVA) is 3.3% in the green as of 10:00 AM ET after the Israeli pharmaceutical company was upgraded from an Equal Weight to an Overweight rating at Barclays. The price target on Teva Pharmaceuticals Limited (NASDAQ:TEVA) was also increased from $11 to $13, reflecting a potential upside of over 31% from the last closing price. Barclays increased its revenue forecast for Teva Pharmaceuticals Limited (NASDAQ:TEVA) because of the Humira biosimilar, which the company intends to sell in the US in collaboration with Alvotech. Humira has already been marketed and distributed by AbbVie Inc. (NYSE:ABBV) last year and generated sales of around $20.7 billion.
At the end of Q4 2021, 27 hedge funds held a stake in Teva Pharmaceuticals Limited (NASDAQ:TEVA).
7. UnitedHealth Group Incorporated (NYSE:UNH) has risen 2.7% as of 12:19 PM ET after the Minnesota-based diversified healthcare and insurance company announced that it would extend the deadline of the merger with Change Healthcare Inc. (NASDAQ:CHNG) from April 2022 to December 2022. The delay has been due to a lawsuit from the Department of Justice regarding the merger. If the merger does not go through, Change Healthcare, a Nashville, Tennessee-based health information services corporation, will receive a $650 million fee from Optum, the health information division of UnitedHealth Group Incorporated (NYSE:UNH). In case the merger goes through, Change Healthcare intends to give out a special dividend of $2 per share.
Overall, 96 hedge funds held a stake in UnitedHealth Group Incorporated (NYSE:UNH) at the end of Q4 2021. GQG Partners is the leading investor in UnitedHealth Group Incorporated (NYSE:UNH), with a stake worth over $1.9 billion.
6. Baxter International Inc. (NYSE:BAX) has jumped 2.6% as of 12:19 PM ET after the Deerfield, Illinois-based medical instruments and supplies company received the 510(k) go-ahead for its ST set that is employed in continuous renal replacement therapy (CRRT) from the FDA. The ST set is a pre-connected circuit placed outside the body of the patient that purifies blood through a semipermeable membrane that is used alongside PrisMax or Prismaflex control units.
Out of the 924 hedge funds being covered by Insider Monkey, 42 funds reported owning a stake in Baxter International Inc. (NYSE:BAX) as of Q4 2021.
Apart from Baxter International Inc. (NYSE:BAX), some of the other notable stocks trending today include Peabody Energy Corporation (NYSE:BTU), Twitter, Inc. (NASDAQ:TWTR), and Carnival Corporation & plc (NYSE:CCL).
Click to continue reading and see the Trending Stocks on Tuesday: Top 5 Gainers.
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Disclose. None. Trending Stocks on Tuesday: Top 10 Gainers is originally published on Insider Monkey.
