Fitbit Inc (FIT) Among 5 Stocks That Are Trending Today

Fitbit Inc (NYSE:FIT) shares are over 5% higher in late morning trading after Morgan Stanley’s Katy Huberty released a note stating that her firm’s channel checks indicate that Fitbit’s first quarter results and second quarter guidance could top consensus estimates. Ms. Huberty believes Fitbit will increase its full year guidance and has an ‘Overweight’ rating on the company.

Hedge funds have been more bullish on Fitbit Inc (NYSE:FIT) of late, with the number of elite funds holding shares of the company rising by seven quarter-over-quarter to 27 as of December 31. Likewise, the total value of their holdings increased to $350.57 million as of December 31, up from just $186.79 million on September 30.

Clovis Oncology Inc (NASDAQ:CLVS) has continued its short-term downtrend today, with shares down by 4%, as investors prepare for an upcoming advisory committee meeting. The FDA’s Oncologic Drugs Advisory Committee is set to meet tomorrow to analyze the company’s NDA for rociletinib for the treatment of patients with epidermal growth factor receptor-positive non-small cell lung cancer. Based on the contents of the FDA’s briefing document, it is uncertain whether the committee will give the treatment a thumbs up. 24 funds tracked by Insider Monkey held more than half of Clovis Oncology Inc (NASDAQ:CLVS)’s float at the end of 2015. 19.5% of the company’s float is short.

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