The markets are surging on Monday, with all major U.S stock indexes, as well as oil and gold trading up. Of course, not all stocks are benefiting from the overall trend. In this article we will take a look into the events driving the moves in both directions that we’ve witnessed in the shares of Banco Bradesco SA (ADR) (NYSE:BBD), MannKind Corporation (NASDAQ:MNKD), Lucas Energy, Inc. (NYSEMKT:LEI), Valeant Pharmaceuticals Intl Inc (NYSE:VRX), and Endo International plc – Ordinary Shares (NASDAQ:ENDP) today. In addition, we will analyze what the collection of hedge funds in our database think about these companies.
At Insider Monkey, we track more than 785 hedge funds, whose 13F filings we analyze as part of our small-cap strategy. Our research has shown that imitating a portfolio that includes the 15 most popular small-cap stocks among hedge funds can outperform the market by as much as 95 basis points per month on average (see more details here).
Back to Monday’s movers, let’s start with Banco Bradesco SA (ADR) (NYSE:BBD), which is up by almost 6% in the early afternoon hours. It is in fact just one of several U.S-traded stocks of Brazilian companies that is on the rise today, driven by a surge of almost 2% in the Brazilian Real, which in turn, was triggered by increasing speculation about the likeliness of President Dilma Rousseff’s impeachment.
Among the funds that we track, nine of them were long Banco Bradesco SA (ADR) (NYSE:BBD) at the end of the fourth quarter. A noteworthy position was that of Cliff Asness’ AQR Capital Management, which held 10.61 million shares of the company valued at more than $51 million.
Next up is MannKind Corporation (NASDAQ:MNKD), which is trading up by more than 23.5% today after the company announced it would host an analyst call to share information concerning its U.S commercialization strategy for Afrezza® (insulin human) Inhalation Powder with investors. The biopharmaceutical company recently assumed responsibility for the worldwide development and commercialization of the drug from Sanofi SA (ADR) (NYSE:SNY) and will start distributing it in the third quarter of this year. Sanofi will continue to distribute Afrezza from its existing inventory until that time.
11 funds in our database held long positions in MannKind Corporation (NASDAQ:MNKD) at the end of the fourth quarter. While hedge fund support was not overly high, several funds became very bullish during the quarter, including D E Shaw, which reported a position of 1.06 million shares, up by more than 6,000% quarter-over-quarter.
We’ll examine the latest activity in three more of the day’s trending stocks on the following page.