The US stock market is slightly up on Tuesday. While still up for the day, major indexes traded lower than in the morning, responding to Janet Yellen’s statement that the Federal Reserve would be cautious with interest rate hikes, given the current backdrop of uncertainty around the Brexit and the slowdown in the US job market.
Among the stocks posting large moves on Tuesday are IsoRay, Inc. (NYSEMKT:ISR), Kirby Corporation (NYSE:KEX), Bristow Group Inc (NYSE:BRS), Rex Energy Corporation (NASDAQ:REXX) and Twitter Inc (NYSE:TWTR). So, let’s take a look into the events behind the move of these stocks, and into what the hedge funds in our database think about the companies in question.
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IsoRay Helped By Promising Results In Brain Tumors
Let’s start with IsoRay, Inc. (NYSEMKT:ISR), which has gained about 16% on Tuesday, driven by the announcement of positive results of its “Prospective trial of surgery and permanent intraoperative brachytherapy (S+BT) using a modular, biocompatible radiation implant for recurrent aggressive meningiomas,” at the Society of Neuro-Oncology Conference. The study in question assessed a new delivery method of Cesium-131 brachytherapy for patients with brain tumors. As most nano caps, IsoRay, Inc. (NYSEMKT:ISR) does not count on much hedge fund support. Out of the funds that we track, only Ken Griffin’s Citadel Investment Group disclosed a long position in the company as of the end of the first quarter. Over the period, the firm started a new position in the stock, comprising 104,184 shares, valued at $94,000 at the end of March.
Kirby Gets Hit By Credit Suisse Downgrade
Next up is Kirby Corporation (NYSE:KEX), which has tumbled by more than 5% today, following a downgrade from Credit Suisse. The research firm cut the domestic tank barge operator to ‘Neutral’ from ‘Outperform’, citing decelerating volumes and the potential for weakness in the company’s coastal business. Credit Suisse has set a $60 price target for the stock. During the first quarter, Kirby Corporation (NYSE:KEX) saw the number of funds in our database long its stock decline by 31% to 20. Among those who closed out their stakes some time between January and March, was Phill Gross and Robert Atchinson’s Adage Capital Management, which held 234,946 shares at the end of 2015.
On the next page we will look into three more stocks posting big moves on Tuesday.