After an abysmal performance in September, when its stock went down by over 33%, shares of Denbury Resources Inc. (NYSE:DNR), another oil and natural gas company, have climbed 10.50% today on the back of the same news.
Hedge funds from our database, like in the case of EnCana, also owned 4.50% of Denbury, ending the second quarter with stakes worth $102.57 million in aggregate. However, this value fell by 30% on the quarter, fueled by a 12.76% drop of the stock, while the number of funds with long positions declined by seven to 17. Ron Gutfleish’s Elm Ridge Capital held 4.88 million Denbury shares as June closed, the largest stake in the firm among investors we follow.
Meanwhile, the market is punishing Incyte Corporation (NASDAQ:INCY) today as its shares are down 10.20%. It is not entirely clear what sparked the decline, although it is most likely an effect of the overall drop of the biotech industry. Earlier today, the stock was upgraded by Nomura, which raised the price target to $146 from $126 per share, with a ‘Buy’ rating. From the looks of it, hedge funds agree with the analyst, as they amassed 12.60% of Incyte Corporation (NASDAQ:INCY) at the end of June. Overall, 35 funds from our database held stakes with an aggregate value of $2.34 billion, as compared with 31 funds owning positions valued at $2.02 billion a quarter earlier, although the increase could be justified by a 14% growth of the stock. Julian and Felix Baker‘ Baker Bros. Advisors owned the largest stake in Incyte among the funds we track at the end of June, with holdings containing 14.87 million shares.