Stocks are wavering on Thursday following a rise in weekly jobless claims, a widening trade deficit, and mixed earnings reports. However, some stocks are having big days on positive earnings results and other news, including Evoke Pharma Inc (NASDAQ:EVOK), GrubHub Inc (NYSE:GRUB), ARRIS International plc (NASDAQ:ARRS), Ocwen Financial Corp (NYSE:OCN), and Logitech International SA (USA) (NASDAQ:LOGI). Let’s find out why these stocks are gaining value today and also see what the hedge funds tracked by us think of these companies.
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FDA Conditionally Accepts Evoke Pharma’s Gimoti Brand Name
Evoke Pharma Inc (NASDAQ:EVOK) has skyrocketed by more than 26% so far today following the FDA’s conditional acceptance of the proposed brand name ‘Gimoti’ for the company’s metoclopramide nasal spray EVK-001. According to a statement released by the California-based specialty pharmaceutical company, a request for proprietary name review for Gimoti will be included when the company submits a New Drug Application (NDA) for the product candidate, which the company believes there is value in pursuing. Evoke’s CEO Dave Gonyer said that the company is analyzing data from its recently completed Phase 3 trial EVK-001 and considering all submission strategies. Just three funds in our database were bullish on Evoke Pharma Inc (NASDAQ:EVOK) at the end of the first quarter.
GrubHub Beats Estimates
GrubHub Inc (NYSE:GRUB)’s stock is going through the roof today, gaining 22.06% so far after the company beat analysts’ forecasts with its second quarter earnings. The New York-headquartered online- and mobile-based food ordering company earned $0.23 per share, better than the consensus estimate of $0.19. Revenue of $120.20 million also surpassed the consensus estimate of $114.13 million. Active diners rose by 24% year-over-year to 7.35 million during the quarter. For the full year, GrubHub expects revenue of $480 million-to-$488 million, higher than the estimates of $473.3 million. 23 hedge funds out of the 766 active funds tracked by Insider Monkey were long GrubHub Inc (NYSE:GRUB) at the end of March.
On the next page we’ll discuss why ARRIS, Ocwen Financial, and Logitech are making big upward moves today.