Why Are These Stocks Advancing on Tuesday?

Chimerix Inc (NASDAQ:CMRX) shares are 6.8% in the green as some of the 6% of the float that is short cover to take profits and as some speculators open long positions in anticipation of a bounce. Chimerix Inc (NASDAQ:CMRX) fell by over 80% yesterday after the biotech company reported disappointing results of the Phase 3 trial, SUPPRESS, which assessed whether the company’s oral antiviral drug candidate, brincidofovir, was able to prevent cytomegalovirus infection in certain patients who underwent hematopoietic cell transplantation. In the study, brincidofovir failed to achieve the study’s primary efficacy endpoint. Despite the results, the company isn’t giving up. CEO M. Michelle Berrey said:

“With a strong cash position, an experienced leadership team, and brincidofovir patent exclusivity through 2034, we continue to believe there is a viable path forward for the development of brincidofovir.”

Neurometrix Inc (NASDAQ:NURO) shares have surged by 7.9% on the news that the company has won an order from one of Mexico’s six major government healthcare institutions for DPNCheck, which is a quantitative nerve conduction test used by healthcare professionals to evaluate systemic neuropathies including diabetic peripheral neuropathy. Mexico could be a growth market for Neurometrix Inc (NASDAQ:NURO) as 12% of adult Mexicans have been diagnosed with type 2 diabetes. Given the nano-cap nature of the stock, we would stay on the sidelines until more financial details are released.

Last but not least, Corcept Therapeutics Incorporated (NASDAQ:CORT) is up by 2% on abnormally high volume as some investors re-balance their portfolios before the end of the tax year and the end of the fourth quarter. According to our data, hedge fund sentiment around Corcept Therapeutics Incorporated (NASDAQ:CORT) has been ambivalent, with 14 elite funds owning around 1.80% of the float on September 30. Among the funds long the stock is Jim Simons’ Renaissance Technologies with a stake of 452,200 shares.

Disclosure: none