Why Are These 4 Stocks Among Today’s Biggest Losers?

Although the U.S. Food and Drug Administration has approved Bendeka, an injectable and infusion version of bendamustine developed by Eagle Pharmaceuticals Inc (NASDAQ:EGRX), investors have reacted negatively to the news, driving the stock lower today. The drug was licensed to Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) by Eagle Pharmaceuticals, which is set to receive a one-time payment of $15 million triggered by the FDA approval and 20% royalty on net sales of Bendeka. Scott Tarriff, Eagle Pharmaceuticals’ CEO, expressed his delight with the deal and believes that it will help his company “deliver long-term, sustainable growth.”

The number of hedge fund managers committed to Eagle Pharmaceuticals Inc (NASDAQ:EGRX) decreased to 15 from 19 during the third quarter. Together, they hold some 18.3% of the company’s common shares as of September 30. Mitchell Blutt is bullish on this stock, having boosted his investment by 14% during the quarter. His fund, Consonance Capital Management, reported ownership of 1.35 million shares valued at a little over $100 million as of the end of September.

Investors are extremely disappointed by Sigma Designs Inc (NASDAQ:SIGM)’s latest quarterly report, driving the stock down by nearly 25% during the first hours of trading today. The provider of semiconductor solutions posted its third-quarter results yesterday after the market close, which failed to meet revenue expectations. Analysts were looking for revenue of $61.8 million, while Sigma Designs only managed to generate $61.6 million in revenue. On the other hand, the company posted earnings of $0.13 per share when accounting for non-recurring gains, with that figure beating the Street’s expectations of $0.10 per share.

Despite a 6% reduction in its holding, Renaissance Technologies remains the largest shareholder of Sigma Designs Inc (NASDAQ:SIGM) among the funds we track. In its latest 13F filing, the quant fund reported ownership of 1.99 million shares worth $13.7 million. In general, Sigma Designs gained some popularity among hedge fund managers during the quarter, as the number of long positions reported as of the end of September rose to 21, from 19 three months earlier. Elite hedge funds hold an aggregate of 13.5 of Sigma’s outstanding stock.

Disclosure: None