U.S stocks headed back into the green on Wednesday, helped by strong earnings reports from the tech sector and a rebound in oil prices, driven by a slightly higher than expected decline in crude inventories. A few stocks posting relevant moves today included Valeant Pharmaceuticals Intl Inc (NYSE:VRX), Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX), Ryerson Holding Corp (NYSE:RYI), Zafgen Inc (NASDAQ:ZFGN), and TerraForm Global Inc (NASDAQ:GLBL). Let’s take a look into the events behind the movement in these stocks and see what the funds in our database think about these companies.
At Insider Monkey, we track around 765 hedge funds and other institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year (see more details about our small-cap strategy).
Progenics and Valeant Spike On Relistor Approval
Let’s start with Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX), which has gained 23.41% on Wednesday after the FDA approved an oral formulation of RELISTOR (methylnaltrexone bromide) for the treatment of opioid-induced constipation in adults with chronic non-cancer pain. Also benefiting from the news is exclusive licensee Valeant Pharmaceuticals Intl Inc (NYSE:VRX), which is up by more than 4.6% today. The company expects to start marketing the drug in the U.S some time in the third quarter of the year. Furthermore, another piece of news helping Valeant was the FDA’s approval of its psoriosis treatment Brodalumab, on the condition that it takes measures to mitigate suicide risk through effective labeling and development of a suicide risk management plan.
71 funds in our database were long Valeant Pharmaceuticals Intl Inc (NYSE:VRX) at the end of the first quarter, including Bill Ackman‘s Pershing Square, which held a stake comprising 21.59 million shares. For its part, Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) counted the support of 14 funds in our database on March 31, including Kevin Kotler’s Broadfin Capital, which declared holding almost 9 million shares of the company as of that date.
We’ll dig into the latest news concerning three other stocks on the next page.