Here’s Why These Stocks Are Trending Today

Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) announced that it intends to establish a commercial organization as it prepares for the launch of fostamatinib, the company’s oral SYK inhibitor. The drug is being developed for the treatment of chronic immune thrombocytopenia (ITP). The drug met its primary endpoint in one of the two Phase 3 studies Rigel Pharmaceuticals is conducting. As part of the restructuring, Rigel announced a 38% reduction in its workforce. Most of the job cuts will impact the company’s research unit and are expected to result in $17 million to $20 million in annual savings for the company. Among the funds we track, 19 held $50.30 million worth of Rigel Pharmaceuticals shares, amassing 24.50% of the total outstanding shares at the end of the second quarter. This compares to 18 funds that amassed $45.46 million worth of Rigel Pharmaceuticals shares at the end of March.

Japanese automaker Honda Motor Co Ltd (ADR) (NYSE:HMC) is likely to be in focus today after announcing a 26.3% increase in car registrations in Europe during August. According to the European Automobile Manufacturers Association, Honda’s car registrations rose to 8,306 units last month. Eight funds from our database were long Honda Motor Co at the end of June, down from 10 funds a quarter earlier, while the total value of their holdings slid to $89.07 million from $107.26 million during the second quarter.

Similarly, Tata Motors Limited (ADR) (NYSE:TTM) saw a 22.4% increase in car registrations for its Jaguar Land Rover unit in August. The European Automobile Manufacturers Association reported that registrations for Jaguar Land Rover came in at 8,824 units. Tata Motors has also been experiencing strong sales growth in its home market. According to the the Society of Indian Automobile Manufacturers, automobiles sales in the country rose by 17% to 258,722 units in August. Tata Motors saw 12 investors from our database long its stock at the end of second quarter, compared to 15 funds that held approximately $466.28 million worth of shares a quarter earlier.

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