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Why Are These Four Stocks Surging Amid Today’s Market Slump?

FireEye Inc (NASDAQ:FEYE)’s stock jumped today, as the stock was upgraded by Citigroup to Buy’ from ‘Neutral’. According to Citi’s Walter Pritchard, cited by Barron’s, the company can maintain its position in the market and has shown significant strength compared to its competitors. He also feels shares are trading at a significant discount and has thus increased the price target to $35 per share. Market participants were quick to pounce, with FireEye Inc (NASDAQ:FEYE) rallying by 8.5% during the first hour of trading.

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During the third quarter, FireEye Inc (NASDAQ:FEYE) has gained the attention of a couple more hedge funds, with 37 elite investors reporting a long position in the company. Still, their holdings account for just 7.1% of the company’s common stock. The largest position among the funds Insider Monkey follows is held by Karthik Sarma and SRS Investment Management. In its latest 13F filing, the fund reported ownership of 4.47 million shares, up by 36% during the quarter and valued at $142 million.

TherapeuticsMD Inc (NYSEMKT:TXMD)’s stock has skyrocketed this morning by as much as 50% after the company announced positive Phase 3 results for one of its drug candidates. A developer of women’s healthcare products, TherapeuticsMD has been testing TX-004HR, a softgel designed to address dyspareunia, a symptom of vulvar and vaginal atrophy (VVA) due to menopause. Roughly one half of women in the United States are affected by this condition, which has a significantly negative impact on their quality of life.

“With efficacy observed as early as two weeks and the convenience of the applicator-free vaginal softgel, we believe that, if approved, TX-004HR has the potential to offer a highly differentiated, new treatment option that meets the needs of the millions of postmenopausal women with VVA who are suffering from pain during sexual intercourse,” said Robert G. Finizio, the CEO of TherapeuticsMD.

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Key managers have queued up to dump TherapeuticsMD Inc (NYSEMKT:TXMD)’s stock during the third quarter, although in the end the number of hedge fund invested in the stock remained the same at 13. Israel Englander sold nearly a quarter of his holding, leaving Millennium Management with 2.02 million TXMD shares at the end of September, while Peter Kolchinsky reduced his exposure by 10%. His fund, RA Capital Management, holds roughly 1.52 million shares worth $8.90 million, according to its latest 13F filing.

Disclosure: none.

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