Technical Trading Detected at Inovio
Although there is no fundamental news concerning the company, Inovio Pharmaceuticals Inc (NASDAQ:INO) shares are in the red as some traders take profits on the stock’s 67% year-to-date rally. Inovio’s shares have had a difficult time passing the $11.5 mark, and the stock is now below some key moving averages. Of the 766 elite funds we track, Six funds amassed $4.66 million worth of Inovio Pharmaceuticals Inc (NASDAQ:INO)’s stock, which accounted for 0.70% of the float on March 31, versus 11 funds and $16.28 million, respectively, a quarter earlier.
Fitbit Declines Due to Technicals
Fitbit Inc (NYSE:FIT) shares have retreated 4.5% in afternoon trading on volume above average as some traders sell the stock for technical reasons. Fitbit shares have fallen below several key simple moving averages and have retreated by more than 50% year-to-date on competition and commoditization concerns. Although its shares now trade for under 10 times forward earnings estimates, some value investors are likely holding back until the next earnings report to ensure that demand for Fitbit products remain robust. At the end of March, 30 funds among those we track were long Fitbit Inc (NYSE:FIT) at the end of March, up by three from the previous quarter.
Nymox Rises on Study
Nymox Pharmaceutical Corporation (NASDAQ:NYMX) has surged 27% after a 7-year prospective study of 995 U.S. middle and elderly aged men without cancer showed that men who received Nymox’s lead drug Fexapotide had a major reduction in the incidence of prostate cancer than compared to placebo. Currently Fexapotide is in phase 3 for BPH and phase 2 trials for prostate cancer. With the results of the 7-year study, Fexapotide could potentially used for the indication of clinical prostate cancer prevention too. None of the funds in our database held shares of Nymox Pharmaceutical Corporation (NASDAQ:NYMX) at the end of March.