Here’s Why Catalyst Pharmaceuticals, Resolute Energy, Nutanix & Two Other Stocks Are Trading Higher Today

The markets have shaken off their negative trend as major indices are trading in the green zone. The markets are upbeat despite the news of unexpected increase in trade deficit for the month of August. However, the markets are also impacted by stocks making strong moves.

Some of the stocks which are pushing up the indices higher are Catalyst Pharmaceuticals Inc. (NASDAQ:CPRX), Resolute Energy Corporation (NYSE:REN), Nutanix Inc. (NASDAQ:NTNX), BioTelemetry Inc. (NASDAQ:BEAT), and Acacia Communications Inc. (NASDAQ:ACIA). In this article, we are going to take a closer look at the developments that pushed these stocks higher and we will assess the collective hedge fund sentiment towards them, based on data from the last 13F filings of some 749 investors in our database.

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Catalyst Pharmaceuticals Inc. (NASDAQ:CPRX)’s stock has surged by nearly 40% on the back of an analyst upgrade. Piper Jaffray upgraded the stock to ‘Overweight’ from Neutral and boosted the price target to $4 from $1 per share. In a note, the analysts suggested that the company is likely to benefit from its lead candidate Firdapse. Among the funds we track, six funds held $11 million worth of Catalyst’s stock in aggregate at the end of June, having amassed 19.80% of its outstanding stock, compared to nine investors that held $20 million worth of stock a quarter earlier.

Resolute Energy Corporation (NYSE:REN)’s stock has surged by around 14% after the company announced its acquisition of Delaware Basin assets, in pursuance to its definitive agreement with Firewheel Energy LLC. The deal is expected to be worth $135 million, including $90 million in cash. Resolute Energy has conducted a private offering of its preference shares to finance a part of the deal. The number of funds from our database long Resolute Energy was at six in the quarter ending June. The total value of their holdings stood at $9 million, in comparison to $10 million held by four funds at the end of previous quarter. This is almost 20.50% of its outstanding stocks.

On the next page, we are going to discuss the news that sent higher the shares of Nutanix, BioTelemetry, and Acacia Communications.

Nutanix Inc. (NASDAQ:NTNX) stock continues its upward trend after going public last week. The stock made its debut on the exchange on September 30,  and the company had raised $238 million by selling 14.87 million shares. The IPO was well received by investors and shares more than doubled in value right after the stock started trading. Following the IPO, Maxim Group initiated coverage on the stock with a ‘Buy’ rating and a price target of $40 per share.

BioTelemetry Inc. (NASDAQ:BEAT) stock is trading 15% in the green after Lake Street reaffirmed its ‘Buy’ rating and $24 price target. In their note, Lake Street analysts cited the recent introduction of Mobile Cardiac Telemetry coverage by Anthem BlueCross BlueShield. The news is accretive to the company as it offers various services and products related to continuous monitoring of patients’ health. A total of 18 funds we track hold about $87.91 million worth of of BioTelemetry stock as of the end of June, compared to 14 funds and $60.28 million, respectively, a quarter earlier.

Acacia Communications Inc. (NASDAQ:ACIA)’s stock has gained 13% after the company provided outlook for its third quarter. The company expects its non-GAAP earnings in the range of $0.83 to $0.90 per share, up from the previous estimate of $0.64 to $0.76. Revenue is expected between $130 million and $133 million. Acacia will provide the complete results on November 10. In other news, Acacia announced an offering of approximately 4.50 million shares of its common stock, which include 1.20 million shares sold by the company and 3.30 million shares from existing stockholders. Six funds in our database amassed some $73 million worth of Acacia Communications stock, which represented 5.20% of the company’s float at the end of June.

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