The three major index futures and crude are once again in the red on Tuesday amid Brexit fears. If Britain leaves the EU, there could be an unexpected financial shock that causes corporate earnings to fall and demand for crude to decline. The fear is driving a ‘risk-off’ approach to the market that has kept the indexes and crude in the red for now. Among the stocks trending this morning are ImmunoGen, Inc. (NASDAQ:IMGN), Revance Therapeutics Inc (NASDAQ:RVNC), Microsoft Corporation (NASDAQ:MSFT), LinkedIn Corp (NYSE:LNKD), and Amazon.com, Inc. (NASDAQ:AMZN). Let’s take a closer look why these stocks are in the spotlight today and see what elite funds think about them.
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ImmunoGen Down on Offering
ImmunoGen, Inc. (NASDAQ:IMGN) is off by 11% in pre-market after the company proposed a $100 million convertible senior note offering due 2021. The notes will be offered to only qualified institutional buyers and the sale is expected to close on June 20. ImmunoGen intends to use the net proceeds for its operations, including clinical trial expenditures, R&D, and other purposes. The exact pricing of the convertible notes has not been released yet. The number of funds tracked by Insider Monkey with holdings in ImmunoGen, Inc. (NASDAQ:IMGN) rose by one quarter-over-quarter to 13 at the end of March.
Revance Declines on Study Results
Revance Therapeutics Inc (NASDAQ:RVNC) shares are 23% in the red after a Phase 3 study showed the company’s lead product candidate, RT001, failed to achieve its co-primary and other endpoints for the potential treatment of patients with moderate to severe lateral canthal lines, or crow’s feet. The company will discontinue the development of RT001 for crow’s feet or for axillary hyperhidrosis. The company will instead focus its efforts on RT002 for the potential treatment of glabellar lines and other indications. Based on its current development plans, Revance Therapeutics Inc (NASDAQ:RVNC) expects its cash and investments to be enough to fund operations until around the second quarter of 2018. A total of 10 funds from our database were long Revance Therapeutics Inc (NASDAQ:RVNC) at the end of the first quarter, according to the latest round of 13F filings.
On the next page, we will take a closer look at Microsoft Corporation, LinkedIn Corp, and Amazon.