Why Are These Stocks Gaining Ground on Thursday?

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Second Sight Medical Products Inc (NASDAQ:EYES) shares are 9% higher today on the strength of technical buying after its stock moved above a key technical moving average yesterday. Given that the stock closed above its 50 day moving average and 17.77% of the float is on ‘borrow’, some shorts are covering and taking profits while some short term traders are buying in hopes that the momentum will continue. Four elite funds owned $839,000 of Second Sight Medical Products Inc (NASDAQ:EYES) shares at the end of the third quarter.

Concluding our list of gainers is Sientra Inc (NASDAQ:SIEN), whose shares have surged by 12% in afternoon trading so far. Sientra Inc (NASDAQ:SIEN) develops and sells medical aesthetics products to patients and plastic surgeons in the United States. Shares of the company ran into some trouble in October after Brazilian regulators temporarily suspended manufacturing of all medical devices made by one of Sientra’s contract manufactures. Although Sientra’s products are still commercially available in the U.S., investors worry that the debacle will lower demand and weaken the company’s financial results. Shares do seem to have troughed from their November lows, however, and sentiment is improving. Amng the funds we track, 10 amassed around 38.2% of Sientra’s float.

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Disclosure: none

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