Positive Study Results Have This Company’s Shares Up By More Than 70% Today

At the end of the second quarter, Broadfin Capital, led by Kevin Kotler, was the largest shareholder of Trevena Inc (NASDAQ:TRVN) in our database, holding 1.41 million shares with a market value of $8.82 million. Phill Gross and Robert Atchinson’s Adage Capital Management came in at number two, owning 1.40 million shares of the medical company. Israel Englander’s Millennium Management boosted its stake in the firm by 225% during the second quarter to 206,064 shares valued at $1.29 million. AQR Capital Management, led by Cliff Asness, initiated a large equity position in the company during the quarter, of 27,642 shares worth $173,000. Citadel Investment Group and Highbridge Capital Management were other hedge funds initiating long positions in Trevena Inc (NASDAQ:TRVN) during the period. On the other hand, Camber Capital Management and Bluecrest Capital Management were among the hedge funds disposing off their stakes in the company.

Despite the negative hedge fund outlook, positive study results can be game changers concerning the prospects of biopharmaceutical companies, thus we recommend a long position in Trevena Inc (NASDAQ:TRVN).

Disclosure: None