What’s the Deal With These 5 Stocks on the Move Today?

Momentum Buying Detected At Nano-Cap Biotech

Repros Therapeutics Inc (NASDAQ:RPRX) shares have surged by 37% out of the gate today as momentum traders pile into the nano-cap. Although there is no fundamental news causing the buying today, Repros did announce the results of a Phase 2b study on Tuesday, which showed that vaginal administration of its drug candidate Proellex at doses of 6 and 12 mg achieved significant reduction in excessive menstrual bleeding, the key symptom of uterine fibroids. Ten funds in our system held 12.2% of Repros Therapeutics Inc (NASDAQ:RPRX)’s shares at the end of December. As with all nano-caps, investors should do their due diligence before making a buying decision.

Investors Hit the Buy Button on Polycom

Polycom Inc (NASDAQ:PLCM) is 2.7% higher this morning on no particular news. According to a Bloomberg report on April 5, Mitel Networks Corp (NASDAQ:MITL) could potentially buy Polycom for $12.50 per share in stock plus cash, valuing Polycom at around $1.7 billion. The merger would be a win for both companies, giving them greater efficiencies from larger scale. Although there is no guarantee of a deal, the price action in the stock shows that some investors believe a deal will likely occur. Hedge fund sentiment in Polycom Inc (NASDAQ:PLCM) was stable in the fourth quarter, with the number of elite funds owning shares of the company staying the same quarter-over-quarter at 18.

Western Digital Corp Down Because of Seagate

Western Digital Corp (NASDAQ:WDC) is down by 8.2% in morning trading after fellow hardware maker Seagate Technology PLC (NASDAQ:STX) warned that its results for the third quarter of fiscal year 2016 will come in lower than previously guided. Seagate now expects sales of $2.6 billion and gross margin of 23% for the fiscal quarter, down from previous estimates of $2.7 billion and gross margin of 25.6%. Seagate sales were weaker-than-expected due to lower mission-critical enterprise sales and soft desktop demand. Investors are selling Western Digital on the fear that its sales and margins could also come in weaker-than-expected. 37 funds tracked by Insider Monkey owned shares of Western Digital Corp (NASDAQ:WDC) at the end of December, well down from 51 funds long WDC at the end of September.

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