Why NVIDIA, GoPro, Lannett Company and 2 Other Stocks Are Gaining Ground Today

All three market indices are gaining ground on Monday as Brexit-triggered fears slowly recede. Some companies are making moves today themselves, including NVIDIA Corporation (NASDAQ:NVDA), Great Basin Scientific Inc (NASDAQ:GBSN), Lannett Company, Inc. (NYSE:LCI), Momo Inc (ADR) (NASDAQ:MOMO), and GoPro Inc (NASDAQ:GPRO). Let’s find out the reasons behind these gains and assess hedge fund sentiment towards these companies.

The results of our analysis showed that the small-cap picks of a collection of top hedge funds can generate superior returns, with the 15 most popular small-cap stocks among them beating the market by an average of 95 basis points per month (read more details here).

NVIDIA’s Stock Flying High

NVIDIA Corporation (NASDAQ:NVDA) is rising today on positive sentiment, gaining nearly 3%. The company recently revealed the GeForce GTX 1060, which reportedly delivers a GTX 980-level of performance but at twice the energy efficiency in VR. Analysts believe that NVIDIA’s microchips have strong potential to perform well in the VR-based, next-generation gaming ecosystem. A total of 43 hedge funds in our system were bullish on NVIDIA Corporation (NASDAQ:NVDA) at the end of the first quarter, with the aggregate value of their positions valued at about $971.4 million.

Great Basin Scientific to Provide Business Update

Shares of Great Basin Scientific Inc (NASDAQ:GBSN) have skyrocketed by more than 12% today after the company said that it would provide a preliminary review on revenue and customer acquisition results for the second quarter on July 14. The Utah-based molecular diagnostic testing company will also provide a business update on its operational progress and guidance on its corporate goals. None of the funds in Insider Monkey’s database owned shares of the company at the end of March.

We’ll discuss why Lannett Company, Momo Inc and GoPro are making gains today on the next page. 

FDA Approves Lannett’s Paroxetine Extended Release Tablets

Lannett Company, Inc. (NYSE:LCI)’s stock is soaring by over 12% today after the company said it had received FDA approval for its Abbreviated New Drug Application (ANDA) for Paroxetine Extended Release Tablets USP. In a statement, Lannett said that total sales of Paroxetine Extended Release-Tablets USP, 12.5 mg, 25 mg and 37.5 mg, at Average Wholesale Price (AWP) were approximately $122 million in the U.S last year.

17 hedge funds in our database were bullish on Lannett Company, Inc. (NYSE:LCI) at the end of March. Among them, Philippe Laffont’s Coatue Management held a notable position of more than 1.80 million shares of the company.

Momo’s Stock on the Rise

Momo Inc (ADR) (NASDAQ:MOMO)’s stock has jumped by 8.99% today. Shares appear to be riding a general wave of positive sentiment in the Asian market, as the BNY Mellon China ADR Index is up by 2% in afternoon trading. The Beijing, China-based social media company posted better than expected earnings back in May. Out of the funds that we track, ten held shares of Momo Inc (ADR) (NASDAQ:MOMO) at the end of the first quarter.

GoPro’s Shares Surging

GoPro Inc (NASDAQ:GPRO)’s stock has increased by more than 10% today. GoPro’s CEO Nick Woodman recently confirmed that the company will launch three new products this year and the company recently appointed famous media figure Lauren Zalaznick to its Board. GoPro shares have rallied since mid-May but are still trading down by 32% year-to-date. Of the 766 active funds that we track, 16 owned $96.26 million worth of GoPro Inc (NASDAQ:GPRO) shares on March 31, which accounted for 5.90% of the stock’s float.

Disclosure: None