Why Are These Stocks On The Move Today?

The rally in Auris Medical Holding AG (NASDAQ:EARS) continues as the stock of the clinical-stage biopharmaceutical company that focuses on the development of novel products for the treatment of inner ear disorders has surged by another 16% today. Auris Medical Holding AG (NASDAQ:EARS) recently closed above a key technical moving average and some traders are evidently betting that the stock’s momentum can continue. Three funds among those we track owned $3.95 million worth of Auris shares at the end of September.

Not to be left out, Progressive Waste Solutions Ltd (USA) (NYSE:BIN) is trading 5.7% higher after the company said that its board of directors “has commenced a review of strategic alternatives with the objective of enhancing shareholder value.” Progressive Waste Solutions has retained JPMorgan as a financial adviser. Shares are rising because any potential buyer would have to pay a substantial premium to get a deal with Progressive Waste Solutions Ltd (USA) (NYSE:BIN). Jim Simons’ Renaissance Technologies owned 1.85 million shares of the company at the end of September.

Moving on, Avid Technology, Inc. (NASDAQ:AVID) shares have gained over 6% after the company updated its 2015 bookings guidance to $536 million from the previous range of $490 – $503 million. The company cited the following as reasons for the updated guidance:

“The adoption of Avids unique enterprise-wide platform-based approach continues to build momentum and is a further proof point that Avids transformation strategy is working, underscoring Avids growth potential. The recent announcement of a record ten-year managed services contract with Sinclair Broadcast Group highlights a year that saw strong adoption of the Avid platform by some of the most sophisticated global media organizations.”

Hedge fund sentiment towards Avid Technology, Inc. (NASDAQ:AVID) has been stable with the number of elite funds from our database long the stock unchanged at 19 quarter-over-quarter. These funds amassed 33.4% of Avid’s float at the end of September.

Disclosure: none