Technical Trading Detected at Galena
Although there is no fundamental news concerning the company, shares of Galena Biopharma Inc (NASDAQ:GALE) are 4.4% in the green as traders buy in the hopes that the stock’s momentum will continue. Shares of the biotech have quadrupled from its February lows and are now up by 54% year-to-date. The company had $34.7 million in cash and cash equivalents at the end of March. Five funds tracked by Insider Monkey owned $2.59 million worth of Galena Biopharma Inc (NASDAQ:GALE)’s stock, which accounted for 1.10% of the float on March 31, versus four funds and $2.51 million, respectively, a quarter earlier.
Relief Rally at Chromadex
Chromadex Corp (NASDAQ:CDXC) shares are nearly 18% higher today after the company responded to a negative article published yesterday on Seeking Alpha. In the article, the author stated that ChromaDex could be a paid stock promotion. ChromaDex CEO has responded with a press release saying: “The report appears to be a blatant and transparent attempt by a shortseller or shortsellers to profit from an immediate and precipitous decline in the company’s share price through the use of an opinion piece published anonymously and laden with misinformation, innuendo and the use of selective historical information”. None of the funds in our database owned shares of Chromadex Corp (NASDAQ:CDXC) at the end of March.
Momentum Traders Pile Into Stone Energy
Although WTI prices are 2% in the red today, independent E&P Stone Energy Corporation (NYSE:SGY) shares are going the opposite way as traders pile into the stock for momentum purposes. Shares of Stone Energy Corporation (NYSE:SGY) have risen by 11% after yesterday’s 23% jump. Stone Energy surged earlier in the month after disclosing that it would pay interest on senior notes that were due in May. The company has also said it is considering restructuring alternatives. At the end of March, 15 funds tracked by us had a long position in Stone Energy Corporation (NYSE:SGY).