Why Are These Four Stocks among Top Gainers Today?

A better than expected revenue figure have propelled EXACT Sciences Corporation (NASDAQ:EXAS) up by more than 10% in the opening hour today. The molecular diagnostic company has announced revenues of $12.6 million for the third quarter, surpassing Wall Street estimates of $12.4 million. The loss of $0.45 per share, on the other hand, narrowly missed analysts’ consensus of $0.44. Still, the fact that revenues have grown for the fourth consecutive quarter have prompted investors to push the stock into green territory, currently up by 13.5%, having wiped the losses registered this month.

During the second quarter, Roberto Mignone was busy buying EXACT Sciences Corporation (NASDAQ:EXAS) shares left and right, building a position that amassed 1.54 million shares. Samuel Isaly was also keeping tabs with his fund, Orbimed Advisors, holding 1.77 million shares, a position unchanged during the quarter. EXACT Sciences gained some popularity among top hedge funds during the second quarter, as the number of funds invested grew to 17, from 16 at the end of March, while the value of their investment rose by 46% to $237 million.

Shareholders of Revance Therapeutics Inc (NASDAQ:RVNC) also have rejoiced today, as one of the company’s drugs registered positive Phase 2 results. Dubbed RT002, Revance’s injectable botulinum toxin product candidate has generated better results in terms of efficiency compared to placebo and current market leader BOTOX Cosmetic, prompting the management to pursue Phase 3 studies in the second half of 2016. Shares of Revance have jumped by as much as 38% during the first hour of trading.

The hedge fund sentiment towards Revance Therapeutics Inc (NASDAQ:RVNC) has not changed much during the second quarter, as the number of funds holding long positions at the end of June stayed put at 12, while the value of their combined holdings inched lower to $57.8 million. Together, elite funds have control over 7.6% of the company’s common stock, with Polar Capital, run by Brian Ashford-Russell and Tim Woolley, being the largest holder of Revance stock among the funds we follow. In its latest 13F filing, Polar Capital reported ownership of 1.13 million shares, up by 3% during the quarter.

Disclosure: none.