Ahead of a key OPEC meeting and the US presidential debate, the markets have opened on a shaky note. The Dow briefly plunged by 150 points, before making some gains, though all three major indices are currently trading down on the day.
Some major stocks that are making big moves today are GW Pharmaceuticals PLC-ADR (NASDAQ:GWPH), Sally Beauty Holdings Inc. (NYSE:SBH), Pain Therapeutics Inc (NASDAQ:PTIE), Natus Medical Inc (NASDAQ:BABY), and DURECT Corporation (NASDAQ:DRRX). In this article, we’ll look at the news behind the big movements witnessed in these stocks today and see how successful hedge funds have been trading them lately.
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GW Pharmaceuticals PLC-ADR (NASDAQ:GWPH) shares have jumped by 15.80% on high volume today and touched their 52-week high of $126.47 on the company’s announcement of positive results from a pivotal phase 3 trial for Epidiolex (cannabidiol) for the treatment of Lennox-Gastaut Syndrome. The company achieved the study’s primary endpoint for both Epidiolex doses, with high statistical significance compared to a placebo. GW Pharmaceuticals PLC-ADR (NASDAQ:GWPH) ranked as hedge funds’ favorite marijuana stock as of June 30, with 17 funds holding $394 million worth of the company’s shares, amassing 27.90% of its outstanding stock. As part of that marijuana stocks article, users voted overwhelmingly that marijuana use should be legalized, with 89.1% of the 203 respondents stating that it should be.
Sally Beauty Holdings Inc. (NYSE:SBH) has gained over 6% today after the company was selected to join the S&P MidCap 400. Its will move into the index after the close of trading on September 27. Moves into more-prominent indexes result in a lot of buying activity and upward momentum for stocks, as mutual funds and other groups which mimic the index add it to their own portfolios. The number of funds in our database long Sally Beauty Holdings Inc. (NYSE:SBH) stood at 17 as of June 30, down from 22 at the end of March.
We’ll check out three more massive movers, including two of the day’s biggest losers, on the next page.