What’s the Deal With These Surging Stocks Amid Today’s Gloomy Market?

Sagent Pharmaceuticals Inc (NASDAQ:SGNT)‘s stock is surging today on reports that the company is looking to sell itself. Sagent is working with Perella Weinberg Partners to identify the best course of development and reports have emerged that the investment bank has been in contact with other companies and equity firms, as it pitches a sale. Sagent’s stock performed poorly in 2015, losing roughly 37% of its value over the year, and has continued the slide early this year.

Hedge funds sought to reduce their exposure to Sagent Pharmaceuticals Inc (NASDAQ:SGNT) during the third-quarter, with the number of reported long positions dropping to ten, from 18 a quarter earlier. Arthur B Cohen and Joseph Healey are bullish on the stock, having increased their investment by 38% during the quarter. Their fund, Healthcor Management LP, held 1.25 million shares of Sagent at the end of September, then valued at $19.2 million.

The frenzy surrounding Acorn International, Inc. (ADR) (NYSE:ATV) has not faded yet, as the stock jumped by more than 20% today. Shares are surging for a third consecutive day on news of a new share repurchase program. The company announced a buyback program on Monday morning of up to $2 million worth of American Depository Shares, sending the stock up by 116% by the end of the trading day.

Only two of the funds we follow reported a stake in Acorn International, Inc. (ADR) (NYSE:ATV) as of September 30, namely Neon Liberty Capital Management, run by Satyen Mehta, and Ken Griffin‘s Citadel Investment Group. According to their latest 13F filings, Neon and Citadel held 223,043 shares and 11,672 shares of Acorn respectively, with Citadel reporting a 5% decrease over the third-quarter.

Disclosure: None