Acorda Therapeutics Inc (NASDAQ:ACOR) stock has plunged to its 52-week low of $22.98 today, sliding by over 15% after an Arbitral Tribunal appointed by the Redemption Committee of the Finland Chamber of Commerce confirmed the company’s right to redeem its minority shares in Biotie Therapies Corp (OTCMKTS:BIOZF), which has ceased trading. Acorda announced the acquisition of Biotie in mid-January and launched a compulsory redemption proceeding in April. 21 hedge funds in our database had positions in Acorda Therapeutics Inc (NASDAQ:ACOR) with a total value of $300 million as of the end of June.
Acacia Communications Inc. (NASDAQ:ACIA) stock has tumbled by 9.37% on the news of a stock offering of up to $450 million in stock, $325 million of which is to be offered by selling shareholders. The company also issued solid third quarter guidance of $127 million-to-$131 million in revenue and GAAP diluted earnings per share of $0.58-to-$0.67. A stock offering isn’t surprising given the outstanding performance of the security this year, which has gained 250% since its IPO in mid-May. Six hedge funds that we track held about $73 million of Acacia Communications Inc. (NASDAQ:ACIA)’s stock at the end of June.
Himax Technologies Inc. (ADR) (NASDAQ:HIMX) was downgraded by analysts at Nomura, sending its stock down by 18% in today’s session. Nomura cut its rating on Himax to ‘Neutral’ from ‘Buy’ and also slashed its price target on the stock to $10.20 from $12. The downgrade comes shortly after an upgrade from Nomura in July, which was excited about the company’s growth potential in the augmented reality space. However, with shipments of Microsoft Corporation (NASDAQ:MSFT)’s HoloLens, for which it provides components, coming in below expectations according to Nomura’s checks, it now believes it’s too early to buy the stock. 24 hedge funds in our database were long Himax Technologies Inc. (ADR) (NASDAQ:HIMX) at the end of June.