The markets are off to a rocking start this week on the back of growing optimism after a strong jobs report on Friday, and waning uncertainty around the global economy after Japanese Prime Minister Shinzo Abe’s party won a supermajority in the country’s upper house elections this weekend, as well as the emergence of a sole candidate, Theresa May, to replace U.K PM David Cameron.
Investors are paying close attention to a handful of stocks today, including Coherus Biosciences Inc (NASDAQ:CHRS), Hortonworks Inc (NASDAQ:HDP), Organovo Holdings Inc (NYSEMKT:ONVO), Hi-Crush Partners LP (NYSE:HCLP), and Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS). Let’s find out why these stocks are in the spotlight today and also see how hedge funds in our database are positioned in them.
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Coherus Biosciences’ Successful Study
Coherus Biosciences Inc (NASDAQ:CHRS) has skyrocketed by more than 9% today after the company revealed that its CHS-1701 (pegfilgrastim biosimilar candidate) pharmacokinetic and pharmacodynamic biosimilarity study met all of its co-primary endpoints. In a statement, Coherus Biosciences’ Chief Medical Officer Barbara Finck said that given the results from the study, the company is confident that CHS-1701 is highly biosimilar to the reference product, Neulasta, and will produce the expected clinical effect in patients. 11 hedge funds in our system were bullish on Coherus Biosciences Inc (NASDAQ:CHRS) at the end of the first quarter.
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DA Davidson Upgrades Hortonworks
Shares of Hortonworks Inc (NASDAQ:HDP) have soared by 8.80% today after analysts at investment company DA Davidson upgraded the company to ‘Buy’ from ‘Neutral’ in a report issued to investors on Monday. The firm currently has a price target of $13 on the California-based software company. Hortonworks released its most recent quarterly financial results in May, which met analysts’ estimates. John Burbank’s Passport Capital is one of the 13 hedge funds in our system with stakes in Hortonworks Inc (NASDAQ:HDP) as of the end of the first quarter.
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On the next page we’ll discuss the latest news concerning Hi-Crush Partners, Kratos Defense & Security Solutions, and Organovo Holdings.
Organovo Holdings Demonstrates Effectiveness of its 3D bioprinted Human Liver Tissues
Organovo Holdings Inc (NYSEMKT:ONVO)’s stock has jumped by more than 5% today after the company demonstrated the superiority of its 3D bioprinted human liver tissues to effectively model drug-induced liver injury and distinguish between highly-related compounds with different toxicity profiles according to research published in the scientific journal PLOS One. According to the publication, researchers at Organovo and Roche Pharmaceutical Research were able to detect dose-dependent toxicity of trovafloxacin compared to levofloxacin, a structurally related but non-toxic compound using Organovo’s 3D bioprinted human liver tissues.
D E Shaw is one of the notable hedge funds that we track which had shares of Organovo Holdings Inc (NYSEMKT:ONVO) in its portfolio at the end of the first quarter.
Jefferies Upgrades Hi-Crush Partners
Hi-Crush Partners LP (NYSE:HCLP) has surged by 5% today after financial services firm Jefferies Group upgraded the company to ‘Buy’ from ‘Hold’ in a report published on Monday. The firm has also upped its price target on the Houston-based producer and supplier of monocrystalline sand to $20 from $6. Phil Frohlich’s Prescott Group Capital Management is one of eight hedge funds in our database that was long Hi-Crush Partners LP (NYSE:HCLP) at the end of March.
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Kratos Defense Wins $40.8 Million Contract
Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS)’s stock has soared by more than 13% today after it announced that it has been awarded a $40.8 million contract for the low-cost attritable strike unmanned aerial system demonstration. The contract from the Air Force Research Laboratory also outlines additional government-funded spirals of approximately $100 million to continue to upgrade and evolve the technology. Initially, Kratos will receive $7.3 million in government funding, with an investment of up to $33.5 million over the approximate 30-month period of performance.
Chuck Royce’s Royce & Associates is one of nine hedge funds in our database that owned shares of Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS) at the conclusion of the first quarter.
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Disclosure: None