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Why Biostar Pharmaceuticals Inc. (BSPM), Nova Lifestyle Inc. (NVFY) & Three Other Stocks Are Trading Higher on Tuesday

Carbonite Inc. (NASDAQ:CARB)’s stock is trading over 6% in the green after Oppenheimer Holdings upgraded the stock to ‘Outperform’ from ‘Market Perform.’ The analysts cited “substantial upside” from the current levels due to fundamentals and valuation, among reasons for the upgrade and stated that the company’s cost saving plans and eVault growth plan are not fully incorporated by the markets. Oppenheimer has a $21 price target on the stock. A total of 23 funds from our database have positions in Carbonite as of the end of June, up from 16 funds a quarter earlier. The total value of their holdings advanced to $84 million from $67 million during the second quarter and amassed 32.30% of Carbonite Inc. (NASDAQ:CARB)’s outstanding stock.

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KemPharm Inc. (NASDAQ:KMPH) stock jumped 9% on the back of the company receiving FDA clearance for starting clinical program for KP415, an investigational New Drug designed for treating attention deficit hyperactivity disorder. The company plans to start and complete proof of concept human trials before the end of 2016. It also plans to conduct additional human clinical trials during the first half of 2017. Among the funds we track, James E. Flynn’s Deerfield Management, Steve Cohen’s Point72 Asset Management, and Anand Parekh’s Alyeska Investment held shares of KemPharm stock in their portfolios at the end of June.

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Straight Path Communications Inc. (NYSEMKT:STRP) stock is trading 7% higher after the company announced that its spectrum will be used by Windstream for expanding fixed wireless technology in 40 markets. Straight Path Communications is the largest licensed millimeter wave spectrum holder in the US. The company officials said that the strategic deal will help the company in unlocking its potential in millimeter wave segment. Eight funds from our database hold about $17 million worth of Straight Path Communications stock as of the end of June, compared to seven funds and $15.8 million, respectively, a quarter earlier.

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DISCLOSURE – NONE

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