Here’s What’s Causing These Stocks To Move Sharply On Thursday

Ionis Pharmaceuticals Inc (NASDAQ:IONS) shares are 6% in the red today after the FDA placed GlaxoSmithKline plc (ADR) (NYSE:GSK)’s phase 3 trial evaluating IONIS-TTRrx in patients with transthyretin amyloid cardiomyopathy on hold. IONIS-TTRrx is an antisense drug that reduces the production of transthyretin that Glaxo and Ionis are co-developing. The hold isn’t necessarily bad news, however, as the FDA just has questions about study protocol. It is not necessarily indicative of a negative study event. 19 elite funds in our database held $146.22 million worth of Ionis Pharmaceuticals Inc (NASDAQ:IONS)’s shares at the end of 2015.

Hanesbrands Inc. (NYSE:HBI) is roughly 4.5% higher today after the company announced that it will acquire Champion Europe, which owns the trademark for Champion in Europe, the Middle East and Africa. HanesBrands already owns the Champion brand in the Americas, Asia, and Australia. By combining the brand, HanesBrands will have a unified growth platform that will benefit from the increasing global consumer growth for active apparel. The purchase price for the transaction will be 10-times the calendar 2016 earnings before interest, taxes, depreciation and amortization, subject to adjustment for cash, debt and working capital. Given that Champion Europe expects EBITDA for 2016 to be 20 million euros ($22.7 million), the acquisition will likely cost roughly 200 million euros ($227 million). Stephen Mandel‘s Lone Pine Capital was among 42 top funds that held shares of Hanesbrands Inc. (NYSE:HBI) at the end of the fourth quarter.

DragonWave, Inc.(USA) (NASDAQ:DRWI) shares have fallen by nearly 20% after the company announced that it is raising $4.35 million in gross proceeds by selling around 600,000 common shares and issuing warrants to purchase an additional 300,000 common shares at an exercise price of $8.50 per share. The price of the common share and half of the warrant is $7.25. DragonWave will use the money raised for general corporate purposes. Two funds monitored by Insider Monkey held slightly over 1% of DragonWave, Inc.(USA) (NASDAQ:DRWI)’s shares at the end of December.

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