QUALCOMM, Inc. (NASDAQ:QCOM) is in the spotlight today after Tim Long of BMO Capital raised his price target to $70 per share from the previous $53 and upgraded the stock to ‘Market Perform’ from ‘Underperform’. Although Long thinks Qualcomm’s core fundamentals will remain challenged, he expects the stock to be range-bound due to the company’s recent deal to buy NXP. A total of 48 funds from our database were long QUALCOMM, Inc. (NASDAQ:QCOM) at the end of June, down by 11 funds from the previous quarter.
Traders are watching the price action surrounding Halliburton Company (NYSE:HAL) after General Electric Company (NYSE:GE) announced that it was seeking a potential partnership with Baker Hughes Incorporated (NYSE:BHI). Although GE has said it isn’t interested in buying Baker Hughes, a partnership would strengthen Baker and could potentially take some market share away from Halliburton. Given that prospect, it’s not surprising that Halliburton is down 0.9% at a time when its peers such as Schlumberger Limited. (NYSE:SLB) are in the green. At the end of June, 62 funds followed by our team owned shares of Halliburton Company (NYSE:HAL), up by eight funds from the previous quarter.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) shares are off by 4% after the company disclosed in a regulatory filing that its collaborator, Sanofi SA (ADR) (NYSE:SNY), was notified of manufacturing deficiencies raised by the FDA in a Sanofi facility that conducts “fill and finish” activities for certain products, including sarilumab, an antibody to the interleukin-6 receptor being developed by Regeneron in collaboration with Sanofi. Due to the FDA notification, it is unclear how the situation will impact the timing of the potential approval of sarilumab by the FDA. The expected action date for the sarilumab BLA was/is October 30, 2016. A total of 32 funds tracked by Insider Monkey amassed around 2% of Regeneron Pharmaceuticals Inc (NASDAQ:REGN)’s outstanding stock on June 30.