Four Stocks Driving Thursday’s Market Gains: How Did They Do It?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) has been another big gainer in Thursday trading, up by over 15.3%. Over 2015, the stock gained 148.44%. However, it started 2016 with the left foot, losing 26% in the first eight trading days. As such, Thursday’s rise seems to be a correction of this steep decline.

Same as in the two cases cited above, hedge funds’ interest in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) rose, by 16%, over the third quarter of 2015. Among the 36 funds with long stakes in the company, Samuel Isaly’s Orbimed Advisors held the largest, comprising roughly 3.81 million shares, worth more than $151 million.

Finally, there’s Scorpio Bulkers Inc (NYSE:SALT), up by about 23.5% this afternoon, after plummeting by 69.57% in the first eight trading days of the year. Similar to its peers above, the stock hit a 52-week low on Wednesday, and started to recuperate today, as the markets rebounded in general.

However, unlike its aforementioned peers, Scorpio Bulkers Inc (NYSE:SALT) saw hedge fund interest decline over the most recently reported quarter. After a 27% tumble, the number of hedge funds long the stock stood at 16. However, those funds held more than 46% of the outstanding shares. Michael Weinstock’s Monarch Alternative Capital held the largest position, comprising 3.26 million shares, worth over $57 million.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.