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This Stock Has Gained Over 700% Today, Plus the Latest on GoPro, Petrobras and Sinclair

Tobira Therapeutics Inc (NASDAQ:TBRA) bulls are extremely happy today to say the least, as shares have gained a monolithic 736% after Allergan plc Ordinary Shares (NYSE:AGN) agreed to buy the company for an upfront cash payment of $28.35 per share, and up to $49.84 per share in Contingent Value Rights that could be unlocked based on the successful completion of certain regulatory, development, and commercial milestones. The total potential consideration of the purchase values Tobira at potentially $1.695 billion. One reason Allergan is buying Tobira is due to the company’s progress and potential in terms of R&D for non-alcoholic steatohepatitis (NASH) and other liver diseases. With the increasing occurrence of obesity, diabetes, and other metabolic diseases among the populace, Allergan’s management expects NASH to become one of the next “epidemic-level chronic diseases” over the coming years.

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In terms of hedge fund ownership, 131 funds tracked by Insider Monkey were long Allergan plc Ordinary Shares (NYSE:AGN) at the end of June, while 7 had a bullish position in Tobira Therapeutics Inc (NASDAQ:TBRA).

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Despite the lower crude prices, Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) is in the green this morning after its management outlined a plan to substantially cut debt over the coming years. Under the plan, Petrobras will trim its planned investment for the 2017-to-2021 time period to $74.1 billion, versus the previous $98.4 billion figure that its management had originally stated. The company also plans to sell $19.5 billion in assets in 2017 and 2018. If all goes well, Petrobas’ management hopes to get the company’s net debt-to-EBITDA ratio down to 2.5-times by 2018. 23 funds in our system were long Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) at the end of the second quarter.

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Disclosure: None

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