The broader market is continuing its negative trend today with all the major indices trading in red. The market seem vary of upcoming minutes from Federal Open Market Committee. which may indicate whether any interest rate hike is on the cards.
Apart from macro factors, the markets are affected by individual stocks as well. Some of the stocks making major moves today are AzurRx BioPharma Inc. (NASDAQ:AZRX), Barracuda Networks Inc. (NYSE:CUDA), Fortinet Inc. (NASDAQ:FTNT), FireEye Inc. (NYSE:FEYE), and Lions Gate Entertainment Corp (USA) (NYSE:LGF). This article will take a look at the news behind these stocks and will assess the hedge fund sentiment towards them.
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AzurRx BioPharma Inc. (NASDAQ:AZRX) stock is trading higher following its IPO. The company offered for sale a total of 960,000 shares at $5.50 apiece, expecting to generate gross proceeds of $5.28 million. AzurRx BioPharma plans to use the net proceeds for conducting the necessary validation testing of MS1819 capsules, conducting the phase 2a trial and for providing working capital. The company also plans to use the proceeds for general corporate purposes.
It’s an interesting day for Cybersecurity stocks. Barracuda Networks Inc. (NYSE:CUDA)’s stock is 13% in the green following upbeat fiscal second-quarter results reported by the company. Barracuda Networks’s EPS of $0.21 topped the estimates of $0.13, while its revenue of $87.9 million surpassed the consensus estimate of $85.27 million. Its EPS and revenue increased by 110% and 12% on the year, respectively. The company’s active subscriber base registered a 14% growth on the year to 298,000. The number of funds from our database long Barracuda Networks Inc. (NYSE:CUDA) inched up by one to 12 during the second quarter, while the total value of their holdings declined to $67.97 million from $80.07 million.
On the next page, we will continue the discussion about cybersecurity stocks and will mention why Lions Gate Entertainment is in the spotlight today