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Five Stocks on the Move Today Amid a Mixed Market

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The US stock market is mixed, but relatively flat on Wednesday, following Federal Reserve Chairwoman Janet Yellen’s dovish message on interest rates, and ahead of tomorrow’s Brexit vote, which now seems like it will resolve toward a “Stay”.

Among individual stocks, Prana Biotechnology Limited (ADR) (NASDAQ:PRAN), Michael Kors Holdings Ltd (NYSE:KORS), Advanced Micro Devices, Inc. (NASDAQ:AMD), Marathon Oil Corporation (NYSE:MRO) and Cobalt International Energy, Inc. (NYSE:CIE) are registering noteworthy moves. So, let’s take a look into the events behind the moves of these stocks, and into what the funds in our database think about the companies in question.

While there are many metrics that investors can assess in the investment process, the hedge fund sentiment is something that is often overlooked. However, hedge funds and other institutional investors allocate significant resources while making their bets and their long-term focus makes them the perfect investors to emulate. This is supported by our research, which determined that following the small-cap stocks that hedge funds are collectively bullish on can help a smaller investor to beat the S&P 500 by around 95 basis points per month (see the details here).

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Prana Spikes On PBT2 Data

Let’s start with Prana Biotechnology Limited (ADR) (NASDAQ:PRAN), an Australian-based nano cap that is trading up almost 9% on Wednesday afternoon. The spike was triggered by the announcement of new data from the company’s Phase 2 clinical trial, REACH2HD, which evaluated its lead product candidate PBT2 in patients with Huntington’s disease. According to the report, 90% of the patients that self-reported an amelioration in their thinking were taking the PBT2 treatment. As many nano caps, Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) is not particularly popular among institutional investors and none of the funds tracked by us held shares of the company at the end of March.

Kors Teams Up With McLaren-Honda F1

Next up is Michael Kors Holdings Ltd (NYSE:KORS), whose stock is in the spotlight following the announcement of a new partnership with the McLaren-Honda Formula 1 team. Under the terms of the agreement, Kors will become the lifestyle partner of the McLaren-Honda team. This partnership will strengthen and amplify “both brands’ embodiment of a fast, jet-set lifestyle,” a press releasestated. In addition, the alliance should help further introduce the Kors brand in the European market. Over the first quarter, Michael Kors Holdings Ltd (NYSE:KORS) saw the number of hedge funds in our database long its stock surge by 33% to 36, while the aggregate value of their positions was equal to around 10% of the company’s total shares, with David Einhorn’s Greenlight Capital holding more than 3.3% of the float by itself. Greenlight’s position comprised 6.75 million shares, worth roughly $384 million at the end of March.

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On the next page we will take a look into three other stocks posting important moves on Wednesday trading.

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