Although crude futures have rallied by over 2% and the Dow Jones is 100 points higher today, shares of Aduro BioTech Inc (NASDAQ:ADRO), Trevena Inc (NASDAQ:TRVN), Zynga Inc (NASDAQ:ZNGA), Charter Communications, Inc. (NASDAQ:CHTR), and Valeant Pharmaceuticals Intl Inc (NYSE:VRX) each opened deep in the red before moving sharply in various directions. Let’s find out why traders were selling these stocks this morning and check out how the world’s greatest investors are positioned in each stock.
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Aduro Fails to Achieve Endpoint
Aduro BioTech Inc (NASDAQ:ADRO) is 23% lower today after the biotech announced that its Phase 2b study, ECLIPSE, which was investigating the company’s lead product candidate CRS-207 for the treatment of metastatic pancreatic cancer, showed that the drug failed to achieve the study’s primary endpoint in terms of it prolonging overall survival. The interim results of a second study, STELLAR, which also studies CRS-207, will be available later in 2016. The number of elite funds in our system with holdings in Aduro BioTech Inc (NASDAQ:ADRO) fell by one quarter-over-quarter to eight as of the end of 2015.
Trevena Ending TRV027 Development
Trevena Inc (NASDAQ:TRVN) has retreated by 7% after the company announced disappointing results from a trial of its own, which showed that TRV027, the company’s candidate for acute heart failure, failed to beat the results of a placebo in Phase 2b clinical trials. As a result, Trevena Inc (NASDAQ:TRVN) will terminate the development of TRV027 and dedicate its efforts towards TRV130 instead, which is a potential treatment for moderate-to-severe pain. Kevin Kotler’s Broadfin C apital was a major shareholder of Trevena at the end of March.
On the next page we examine why Zynga Inc, Charter Communications, and Valeant are all on the move today.