Groupon Spikes After Piper Jaffray Upgrade
Shares of Groupon Inc (NASDAQ:GRPN) have gained 8.6% this morning, reacting to an upgrade from Piper Jaffray. Earlier today, analyst Samuel J. Kemp boosted his rating on the stock to ‘Overweight’ from ‘Neutral’, while raising his price target on it to $6.00 from $4.00, citing the rapidity of the company’s new customer acquisition. Groupon Inc (NASDAQ:GRPN) counted the support of 18 funds in our system as of the end of the first quarter.
Evoke Pharma Plummets As Drug Flunks Phase 3 Trial
One of the largest losers of the day is nano-cap Evoke Pharma Inc (NASDAQ:EVOK), which has tumbled by more than 71.3% after its lead product candidate, diabetic gastroparesis drug EVK-001 (metoclopramide nasal spray), failed to meet its primary endpoint in a phase 3 study involving female patients. As with most nano-caps, hedge fund support for Evoke Pharma Inc (NASDAQ:EVOK) was scarce as of March 31, with only three firms in our database long the stock.
GlaxoSmithKline’s ViiV Healthcare Reports Encouraging Turimeq Results
Finally, we come to GlaxoSmithKline plc (ADR) (NYSE:GSK), which is up by 0.57% in Monday trading after ViiV Healthcare, a company it established in partnership with Pfizer Inc. (NYSE:PFE), presented data from a Phase IIIb, open-label, international, multi-center ARIA study for Turimeq – dolutegravir/abacavir/lamivudine. The drug proved to be superior in terms of efficacy (versus atazanavir + ritonavir -ATV/r- + tenofovir disoproxil fumarate/emtricitabine -TDF/FTC-) for treatment-naïve women living with HIV. GlaxoSmithKline plc (ADR) (NYSE:GSK) was owned by 28 hedge funds in our database at the end of the first quarter.
Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned in this article.