It’s the last Tuesday of January and the markets are on edge given the Federal Reserve’s staunch views on interest rates. Amid the precarious financial environment, shares of Huntington Bancshares Incorporated (NASDAQ:HBAN), Novavax, Inc. (NASDAQ:NVAX), Agios Pharmaceuticals Inc (NASDAQ:AGIO), Stratasys, Ltd. (NASDAQ:SSYS), and Murphy USA Inc (NYSE:MUSA) are trending lower for various reasons. Let’s take a closer look at why investors are selling these stocks today, as well as what relevant hedge funds have to say about them.
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First on the list is Huntington Bancshares Incorporated (NASDAQ:HBAN), whose stock has plummeted by 10% after the company said it is going to acquire FirstMerit Corp. for $3.4 billion in a cash-and-stock deal. The merger will create Ohio’s largest bank regarding deposits, while it will have about $100 billion in assets. FirstMerit’s shareholders will receive 1.72 shares of Huntington common stock and $5 in cash for each share they hold. The deal is expected to close in the third quarter, after the approval of regulators.
During the third quarter, Huntington Bancshares Incorporated (NASDAQ:HBAN) registered a decrease in popularity among the funds that we track, with 20 investors holding long positions at the end of September, versus 24 funds at the end of June, and they amassed only 1.3% of the float. Among them, Cliff Asness‘ AQR Capital Management was the largest shareholder, reporting ownership of 4.81 million shares in its latest 13F filing.
Moving on, Novavax, Inc. (NASDAQ:NVAX) shares are down by 0.5% today, having rebounded from a steeper morning drop of about 6%. Yesterday, the firm announced the pricing of $300 million aggregate principal amount of convertible senior unsecured notes due February 1, 2023. Moreover, the qualified institutional buyers can purchase up to an additional $30 million of the notes.
During the third quarter, Novavax, Inc. (NASDAQ:NVAX) registered an increase in popularity among the funds we track, with 24 investors holding long positions at the end of September, versus 17 funds a quarter earlier. Julian Baker and Felix Baker‘s Baker Bros. Advisors was the largest shareholder of Novavax, Inc. (NASDAQ:NVAX), with 2.19 million shares valued at $15.52 million at the end of September.
Agios Pharmaceuticals Inc (NASDAQ:AGIO)’s shares are down by around 6% today. The company recently updated investors on the progress of its pipeline, with a number of pipeline events expected in 2016. Credit Suisse initiated coverage on the stock shortly after the updates and set an ‘Outperform’ rating on the stock.
Among the funds we follow, nine reported long positions in Agios Pharmaceuticals Inc (NASDAQ:AGIO) as of the end of September, down by seven funds from a quarter earlier. Dmitry Balyasny‘s Balyasny Asset Management was the largest shareholder of Agios Pharmaceuticals Inc (NASDAQ:AGIO) in our system, with 126,161 shares valued at $8.91 million at the end of September.