Five Stocks Trading Higher Amid Positive News

Stryker Corporation (NYSE:SYK) is in spotlight in connection with its acquisition of Restore Surgical LLC, d/b/a Instratek, a privately-held business based out of Houston, Texas, which deals with staple and hammertoe implants and minimally invasive soft tissue recession instrumentation. The parties are expected to complete the acquisition in the fourth quarter of 2016, pending customary closing conditions, but the value of the deal was not disclosed. Heading into the third quarter 22 investors from our database had positions in Stryker Corporation with a total value of about $532 million.

As stated earlier, Allergan plc Ordinary Shares (NYSE:AGN) has acquired Vitae Pharmaceuticals Inc (NASDAQ:VTAE) for $639 million, which values Vitae’s stock at $21 apiece, which represents a 160% premium to Vitae’s closing price on Monday. On the back of the news, Vitae shares have surged by around 158%. Allergan stated that the deal will boost its dermatology portfolio, especially with the acquisition of Vitae Pharmaceuticals Inc (NASDAQ:VTAE)’s oral psoriasis drug. Allergan plc Ordinary Shares (NYSE:AGN) will also gain access to Vitae’s atopic dermatitis drug called VTP-38543, which is a topical Liver X receptor beta selective agonist. The deal is expected to close by the end of 2016, pending regulatory approval.

The number of funds from our database long Allergan plc Ordinary Shares (NYSE:AGN) declined to 131 from 170 during the second quarter, while the total value of their holdings also decreased to $13 billion from $20 billion. At the same time, 12 funds reported stakes in Vitae worth $107 million as of the end of June, compared to 18 funds holding $82 million worth of shares a quarter earlier.

Disclosure – none