It’s been a quiet day on Wall Street so far, as the three major index futures haven’t deviated much from yesterday’s close. However, volatility could come back as the ‘Brexit’ vote on Thursday nears.
Among the stocks trending today are McDermott International (NYSE:MDR), GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH), Neustar Inc (NYSE:NSR), Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX), and BHP Billiton Limited (ADR) (NYSE:BHP). Let’s take a closer look at these stocks and see what the funds we track think about them.
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McDermott Wins Contract
McDermott International (NYSE:MDR)’s shares opened modestly higher after the company announced that it was awarded further pipeline work for 2017 under an existing multi-year offshore installation contract with Brunei Shell Petroleum Company. The full scope of the work is expected to include the transportation and installation of 20 miles of pipelines, installation of risers, and the pre-commissioning of the completed system. Shares of McDermott International (NYSE:MDR) have surged 41% year-to-date so far. Of the 766 elite funds we track, 21 funds owned $109.01 million worth of McDermott International (NYSE:MDR)’s stock, which accounted for 11.10% of the float on March 31, versus 22 funds and $107.39 million respectively on December 31.
GW Pharmaceuticals Up On Drug Update
GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) is trending after the company selected infantile spasms as its fourth target indication for its Epidiolex orphan pediatric epilepsy development program. This is after the FDA granted the Orphan Drug Designation for Epidiolex for the treatment of infantile spasms. The company expects to commence a two-part Phase 3 study in the fourth quarter of 2016. GW is also developing Epidiolex for the potential treatment of Dravet syndrome, Lennox-Gastaut syndrome (LGS) and Tuberous Sclerosis Complex (TSC). A total of 18 funds tracked by us owned shares of GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) at the end of the first quarter.
On the next page, we examine Neustar, Progenics Pharmaceuticals, and BHP Billiton Limited.