See Which of These Three Tuesday Losers Hedge Funds Say You Should Buy on the Dip

Moving on to the next loser of today’s session, Team Inc. (NYSE:TISI) issued a pre-announcement indicating that the company anticipates first-quarter of fiscal 2016 adjusted earnings of $0.22 per share, compared with $0.34 reported a year ago. At the same time, the provider of specialty industrial services said it generated revenues of $222 million during the quarter that ended August 31, compared to $188 million reported in the same quarter a year ago. Most importantly, Team also reduced its full-year projections on adjusted earnings to $2.15 per share, which were revised down from $2.45-$2.60. The company’s first-quarter earnings were impacted by the weak demand within the industry and for its services in particular, which was in turn affected by the low price environment for commodities. Similarly, the foreign exchange currency headwinds also impacted Team’s financial figures. Following the news, the shares of Team have lost nearly 20% thus far in today’s trading session. The hedge fund sentiment on the stock did not change by much during the June quarter, as the number of hedge funds invested in the stock decreased to 10 from 11.  Even so, the value of these funds’ positions in Team increased to $90.06 million from $86.98 million. Finally, 10.80% of the company’s shares were owned by the relatively low number of hedge funds with stakes in Team. John W. Rogers’ Ariel Investments reduced its position in Team Inc. (NYSE:TISI) by 2% during the second quarter to 1.14 billion.

Lastly, Galapagos NV (ADR) (NASDAQ:GLPG) is losing significant ground for the second consecutive session after AbbVie Inc. (NYSE:ABBV) decided not to exercise its right to in-license the Galapagos JAK1 inhibitor, filgotinib. AbbVie intends to advance one of its internally-developed drugs to Phase 3 studies in rheumatoid arthritis instead. Even more to that, it appears that Credit Suisse’s downgrade on Galapagos might have fueled more pressure on the stock. Specifically, Credit Suisse’s analysts downgraded the stock to “Neutral” from “Outperform” earlier this morning. The shares of Galapagos are 17% in the red so far today, losing almost 40% over the past five days. 14 hedge funds observed by the Insider Monkey team owned stakes in Galapagos at the end of the second quarter, amassing 7.30% of its common stock. Meanwhile, the value of these stakes stood at $113.74 million at the end of June. James E. Flynn’s Deerfield Management acquired a 642,608-share stake in Galapagos NV (ADR) (NASDAQ:GLPG) during the second quarter.

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