US stocks are trading lower on Tuesday after IMF cut its global growth forecasts, citing Britain’s exit from the EU. The IMF’s chief economist Maurice Obstfeld warned in a press briefing that political uncertainty after Brexit will take “many months” to subside.
However, some stocks are gaining ground today, including Cerulean Pharma Inc (NASDAQ: CERU), Zagg Inc (NASDAQ:ZAGG), DexCom, Inc. (NASDAQ:DXCM), Plug Power Inc (NASDAQ:PLUG) and Cerus Corporation (NASDAQ:CERS). Let’s find out why these stocks are in the green, and take a look at the overall hedge fund sentiment towards each of these companies.
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Cerulean Pharma’s Drug Gets Fast Track Status
Cerulean Pharma Inc (NASDAQ:CERU)’s stock has skyrocketed by 17.53% after the company said the US Food & Drug Administration had granted ‘Fast Track’ status to its platinum-resistant ovarian cancer treatment drug conjugate, CRLX101, in combination with paclitaxel. Cerulean’s CEO Christopher D. T. Guiffre said in a statement that the status grant by the FDA shows that it acknowledges the potential of CRLX101. Just four funds from our database owned shares of Cerulean Pharma Inc (NASDAQ:CERU) at the end of the first quarter.
Pokemon Go Engenders Gains for Zagg
Shares of Zagg Inc (NASDAQ:ZAGG) continue to gain value following the intense popularity of Pokemon Go mobile game. The Utah-based company makes portable phone charging solutions. Pokemon Go players are flocking into portable charging devices as the mobile game needs the players to be in the outdoors to catch Pokemons hidden at different places, creating a need to charge phones on the go. Several reports also suggest that Pokemon Go drains battery quickly. Zagg’s stock, which gained 19% last week, is up by more than 4% today. Cliff Asness’ AQR Capital Management is one of the investors in our database bullish on Zagg Inc (NASDAQ:ZAGG) as of the end of March.
On the next page, we will discuss DexCom, Plug Power and Cerus Corporation.