The markets are off to a rocking start this week on the back of growing optimism after a strong jobs report on Friday, and waning uncertainty around the global economy after Japanese Prime Minister Shinzo Abe’s party won a supermajority in the country’s upper house elections this weekend, as well as the emergence of a sole candidate, Theresa May, to replace U.K PM David Cameron.
Investors are paying close attention to a handful of stocks today, including Coherus Biosciences Inc (NASDAQ:CHRS), Hortonworks Inc (NASDAQ:HDP), Organovo Holdings Inc (NYSEMKT:ONVO), Hi-Crush Partners LP (NYSE:HCLP), and Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS). Let’s find out why these stocks are in the spotlight today and also see how hedge funds in our database are positioned in them.
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Coherus Biosciences’ Successful Study
Coherus Biosciences Inc (NASDAQ:CHRS) has skyrocketed by more than 9% today after the company revealed that its CHS-1701 (pegfilgrastim biosimilar candidate) pharmacokinetic and pharmacodynamic biosimilarity study met all of its co-primary endpoints. In a statement, Coherus Biosciences’ Chief Medical Officer Barbara Finck said that given the results from the study, the company is confident that CHS-1701 is highly biosimilar to the reference product, Neulasta, and will produce the expected clinical effect in patients. 11 hedge funds in our system were bullish on Coherus Biosciences Inc (NASDAQ:CHRS) at the end of the first quarter.
DA Davidson Upgrades Hortonworks
Shares of Hortonworks Inc (NASDAQ:HDP) have soared by 8.80% today after analysts at investment company DA Davidson upgraded the company to ‘Buy’ from ‘Neutral’ in a report issued to investors on Monday. The firm currently has a price target of $13 on the California-based software company. Hortonworks released its most recent quarterly financial results in May, which met analysts’ estimates. John Burbank’s Passport Capital is one of the 13 hedge funds in our system with stakes in Hortonworks Inc (NASDAQ:HDP) as of the end of the first quarter.
On the next page we’ll discuss the latest news concerning Hi-Crush Partners, Kratos Defense & Security Solutions, and Organovo Holdings.