Why JPMorgan (JPM), Facebook (FB), and Fitbit (FIT) Are Among Today’s Trending Stocks

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Arrowhead Issues Promising HBV Results

Shares of Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) are trading up by 10.65% this afternoon, reacting to the announcement of positive data from studies assessing its lead product candidate, ARC-520, for the treatment of chronic hepatitis B infection. Further details will be presented at The International Liver Congress 2016 in Barcelona, Spain this week. At the end of the fourth quarter, Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) counted the support of seven hedge funds in our system, including QVT Financial. The fund, managed by Daniel Gold, held 1.95 million shares on December 31.

Facebook Tumbles On Weak Ad Data

Opposite to the other stocks in this list, Facebook Inc (NASDAQ:FB) is trading down this afternoon, by about 2.5%, after AdParlor, which describes itself as the “largest social and video advertising platform on the planet,” revealed disappointing data related to first quarter ad spending on the social media platform. According to The Fly, AdParlor said ad spending on the social media platform fell by 18% quarter-over-quarter. Though first quarter ad spending would be expected to be lower than fourth quarter spending, the decline appears to nonetheless be greater than expected.

Facebook Inc (NASDAQ:FB) counted 146 hedge fund backers among those that we track as of the end of 2015, making it the third-most popular stock in our database. Among its supporters, investors can count Stephen Mandel’s Lone Pine Capital, which held 9.78 million Facebook shares worth more than $1 billion on December 31.

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Analysts Seem To Love Fitbit

Finally, there’s Fitbit Inc (NYSE:FIT), which is up by about 12% in Wednesday trading, after analysts at Morgan Stanley, Citigroup and Pacific Crest all issued positive commentary on the company. Analysts at Morgan Stanley said they expect the company’s first and second quarter results as well as its full year guidance to top the Street’s estimates, driven by strong demand for the company’s Blaze and Alta trackers. For its part, Citi classified the stock as a “relatively inexpensive” way to play “Out of Favor Tech.” Finally, Pacific Crest experts also said the stock was “attractively priced,” especially taking into account the strong Alta and Blaze sales.

During the fourth quarter of 2015, shares of Fitbit Inc (NYSE:FIT) lost roughly 21.5%, and several major hedge funds took advantage of the depressed prices to build up their positions. The October-to-December period saw the number of funds in our database bullish on the stock soar by 35% to 27. One of the newcomers was Philippe Laffont’s Coatue Management, which started a new position comprising 1.51 million shares.

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Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.

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