The News that Prompted Furious Trading in These 4 Stocks Today

Halozyme Therapeutics, Inc. (NASDAQ:HALO) can’t escape the biotech slaughter today as its shares are down by 18.7% on the back of negative sector sentiment, with the iShares NASDAQ Biotechnology Index (ETF) (NASDAQ:IBB) 5.15% in the red in mid-afternoon trading as investors sell because of the prevailing ‘risk off’ sentiment. Because many biotech companies aren’t profitable or cash flow positive and depend on the public market for maintenance capital, their equity values can fall a lot in a short period of time if investors become anxious for whatever reason. Although there isn’t a new ‘Martin Shkreli’ moment or a massive lowering of a major bellwether’s earnings guidance, investors are concerned about the broader market and potential new drug pricing regulations if Hillary Clinton should win the Presidency this year. Hedge funds are cautiously optimistic on Halozyme Therapeutics, Inc. (NASDAQ:HALO), however, as the number of smart money funds long the stock increased by four to 24 by the end of the third quarter.

Micron Technology, Inc. (NASDAQ:MU) hit a new 52-week low today as sentiment around the stock continues to deteriorate. Shares of the company are off by 8% in afternoon trading as the stock recently closed below a key technical floor, likely prompting some stop-loss orders to be executed. Hedge fund sentiment around Micron Technology, Inc. (NASDAQ:MU) continued to decline in the third quarter, with 71 elite funds owning shares at the end of September, versus 79 funds long the stock at the end of June.

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