Why Are These Stocks Surging Today?

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According to our data culled from the filings of 730 elite funds, said funds were bullish on Five Prime Therapeutics Inc (NASDAQ:FPRX) in the second quarter. A total of 17 funds reported stakes worth $145.33 million, and owned 22.80% of the comany’s float as of June 30, up from 17 funds with $133.67 million in shares a quarter earlier. Among the lucky hedge fund holders of Five Prime are Phill Gross and Robert Atchinson’s Adage Capital Management, which owns 1.96 million shares, and Steve Cohen‘s Point72 Asset Management, which owns 479,411 shares. Israel Englander’s Millennium Management is long 473,569 shares.

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Hedge funds were ambivalent towards Bristol-Myers Squibb Co (NYSE:BMY) in the second quarter. 48 funds owned $2.2 billion worth of Bristol-Myers Squibb’s shares, or roughly 2% of the float, at the end of the second quarter. The total number of funds long the stock declined by seven and the total value of their holdings declined by $80 million from the end of the first quarter. Samuel Isaly’s Orbimed Advisors cut its holding by 13% to 7.75 million shares while Phill Gross and Robert Atchinson’s Adage Capital Management trimmed its holdings by 29% to 5.07 million shares.

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