Three Stocks Fall on Monday but Hedge Fund Data Suggests You Might Want to Buy Some of Them on the Drop

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Turning to Huntsman Corporation (NYSE:HUN), the sharp decline of the company’s stock today is regarded as a reaction to the company’s announcement on Friday regarding to trends that it foresees negatively impacting its third quarter earnings. According to the organic chemical and inorganic chemical products maker, lower titanium dioxide selling prices, particularly in North America, continued year-on-year currency headwinds, and weak demand in the Asia Pacific region are expected to impact earnings for the current quarter. Moreover, the company said that lower oil prices which result in lower MTBE margins, lower MDI urethane component product margins in the Asia Pacific region, delayed lower raw material cost benefits, as well as the spending of $198 million in September to pay down debt, will also negatively affect the earnings. Fewer hedge funds followed by Insider Monkey were long Huntsman Corporation (NYSE:HUN) in the second quarter, with the number dropping by four to 38. Despite just a 0.45% drop of the stock during the period, the total value of holdings of hedge funds went down by 3.48% on the quarter to $938.72 million at the end of June. Scopia Capital, managed by Matt Sirovich and Jeremy Mindich, owned the largest stake in Huntsman, containing 12.21 million shares.

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In the case of TrovaGene Inc (NASDAQ:TROV), the decline of the stock today appears to be in contradiction with the news that surrounded the company last week (the stock is down by over 24% over the last five trading days). Maxim reiterated its ‘Buy’ rating and a price target of $13.00 last week, after the TrovaGene had said that its urine-based human papillomavirus (HPV) high-risk test is similarly capable of detecting high-risk HPV compared to traditional cervical cancer tests. It should be noted, nonetheless, that despite the declines, the stock has gained over 25% year-to-date. However, hedge funds appear to have been wary of TrovaGene Inc (NASDAQ:TROV) in the second quarter. The number of hedge funds with long positions increased by one to six during the quarter, but there was an outflow of capital. The stock gained over 49% in the second quarter, yet the total value of hedge fund holdings increased by only 37.96% to $38.59 million. Nonetheless, hedge funds owned 15.50% of TrovaGene at the end of June, pointing to a general overweight sentiment. Roberto Mignone’s Bridger Management owns 3.15 million TrovaGene shares by the end of the second quarter.

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Disclosure: None

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