Why Are Investors Excited About These 5 Stocks Today?

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The markets are going nowhere today, after the IMF cut its global growth forecast for the fourth time over the past twelve months, due to China’s slowdown. For 2016, the IMF now expects the global economy to grow by 3.2%, down from its previous estimate of 3.4%. Despite the dour news, shares of AbbVie Inc (NYSE:ABBV), Helix Energy Solutions Group Inc (NYSE:HLX), Amicus Therapeutics, Inc. (NASDAQ:FOLD), Eagle Bulk Shipping Inc (NASDAQ:EGLE), and Rex Energy Corporation (NASDAQ:REXX) are each higher this morning for various reasons. Let’s take a closer look at what those reasons are and examine what the group of top hedge funds tracked by Insider Monkey thinks of each stock.

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AbbVie Inc (NYSE:ABBV) is over 1% in the green this morning after the FDA tagged the company’s Venclexta with the Breakthrough Therapy and Priority Review designation. The drug candidate, a potential treatment for patients with chronic lymphocytic leukemia who have 17p deletion and have tried at least one line of therapy, has shown promising efficacy in studies, in which 80% of patients with the refectory chromosomal abnormality have seen their cancer remiss either partially or completely. The number of elite funds in our system with holdings in AbbVie Inc (NYSE:ABBV) fell by eight during the fourth quarter to 70 as of the end of December.

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Helix Energy Solutions Group Inc (NYSE:HLX) is 6% higher after analysts at Credit Suisse raised their rating on the stock to ‘Outperform’ from ‘Neutral’ and doubled their price target on it to $10 per share from $5. Rising Brent prices could lead to a recovery in the offshore drilling sector, which Helix Energy stands to benefit from. Shares of the company are naturally correlated with crude prices and will likely rally further if crude jumps. Cliff Asness’ AQR Capital Management was among ten funds in our system that held shares of Helix Energy Solutions Group Inc (NYSE:HLX) at the end of December.

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On the next page, we examine why Amicus Therapeutics, Eagle Bulk Shipping, and Rex Energy Corporation are trending upwards today.

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