Market Defying Stocks: Why Axiall, Connecture, and 3 Other Stocks Are Rising on a Red Day

Global Blood Rises on Study Results

Global Blood Therapeutics Inc (NASDAQ:GBT) shares have surged by 14% today after a Phase 1/2 trial showed that patients who took the company’s lead product candidate GBT440 experienced a sustained median reduction of 70% in irreversibly sickled cells within 90 days. That was far better than the increase of 15% for those patients given a placebo. The results of the study were presented at the European Hematology Association’s 21st Congress. GBT440 is a once-daily treatment candidate for sickle cell disease. The number of top funds with holdings in Global Blood Therapeutics Inc (NASDAQ:GBT) increased to 15 from 14 quarter-over-quarter as of March 31.

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Fear Drives Gold Shares Higher

As is customary during panics or sudden bearish shifts in sentiment, gold spot prices are in the green today, up by around 0.35%. As gold spot prices go up, so have the shares of gold-related companies such as NovaGold Resources Inc. (USA) (NYSEMKT:NG) and Barrick Gold Corporation (USA) (NYSE:ABX). Shares of NovaGold Resources Inc. (USA) (NYSEMKT:NG) are up by 1.6% and shares of Barrick Gold Corporation (USA) (NYSE:ABX) have surged by more than 3% in morning trading. Traders are buying gold and gold-related securities as a hedge against a potential scenario where a Brexit causes a black swan event that sends equity prices lower. Gold has also been bought up since last week’s payroll report showed disappointing jobs growth, with some traders expecting the report to delay the Federal Reserve’s eventual rate hikes by a few quarters.

Finally, George Soros of Soros Fund Management has made waves with his recent bearish commentary and stance on China, the EU, and the global markets in general, to which he himself has responded to by buying gold, most notably a large position in Barrick Gold during the first quarter. If the main indexes run into trouble, gold could be even more in demand as a safe haven. Of the funds in Insider Monkey’s database, 22 owned $354.5 million of NovaGold Resources Inc. (USA) (NYSEMKT:NG) shares, while 49 funds owned $2.73 billion of Barrick Gold Corporation shares at the end of March.

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Disclosure: None