Why These Stocks Are Gaining Ground on Tuesday?

US stocks are trading lower on Tuesday after IMF cut its global growth forecasts, citing Britain’s exit from the EU. The IMF’s chief economist Maurice Obstfeld warned in a press briefing that political uncertainty after Brexit will take “many months” to subside.

However, some stocks are gaining ground today, including Cerulean Pharma Inc (NASDAQ: CERU), Zagg Inc (NASDAQ:ZAGG), DexCom, Inc. (NASDAQ:DXCM), Plug Power Inc (NASDAQ:PLUG) and Cerus Corporation (NASDAQ:CERS). Let’s find out why these stocks are in the green, and take a look at the overall hedge fund sentiment towards each of these companies.

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Cerulean Pharma’s Drug Gets Fast Track Status

Cerulean Pharma Inc (NASDAQ:CERU)’s stock has skyrocketed by 17.53% after the company said the US Food & Drug Administration had granted ‘Fast Track’ status to its platinum-resistant ovarian cancer treatment drug conjugate, CRLX101, in combination with paclitaxel. Cerulean’s CEO Christopher D. T. Guiffre said in a statement that the status grant by the FDA shows that it acknowledges the potential of CRLX101. Just four funds from our database owned shares of Cerulean Pharma Inc (NASDAQ:CERU) at the end of the first quarter.

Pokemon Go Engenders Gains for Zagg

Shares of Zagg Inc (NASDAQ:ZAGG) continue to gain value following the intense popularity of Pokemon Go mobile game. The Utah-based company makes portable phone charging solutions. Pokemon Go players are flocking into portable charging devices as the mobile game needs the players to be in the outdoors to catch Pokemons hidden at different places, creating a need to charge phones on the go. Several reports also suggest that Pokemon Go drains battery quickly. Zagg’s stock, which gained 19% last week, is up by more than 4% today. Cliff Asness’ AQR Capital Management is one of the investors in our database bullish on Zagg Inc (NASDAQ:ZAGG) as of the end of March.

On the next page, we will discuss DexCom, Plug Power and Cerus Corporation. 

FDA Publishes Documents Ahead of Meeting to Discuss DexCom’s Proposal

DexCom, Inc. (NASDAQ:DXCM) has appreciated by 6.92% so far today after the company announced that the FDA had published its briefing documents ahead of the meeting of Chemistry and Clinical Toxicology Devices Panel of the Medical Devices Advisory Committee, which is scheduled to take place on July, 21. The meeting is related to the the premarket approval of the company’s proposal to change the intended use of its G5 Mobile CGM System. The change is proposed in order to let the patients to make diabetes treatment decisions based on the interstitial fluid glucose concentration reported by the CGM. A total of 27 funds from our database held stakes in DexCom, Inc. (NASDAQ:DXCM) at the end of March, down from 34 funds a quarter earlier.

Plug Power Wins Another Contract

Plug Power Inc (NASDAQ:PLUG) rose to fresh highs on Tuesday after the company was awarded a contract by France’s Carrefour SA to provide 150 fuel cell power systems to power electric lift trucks. Last week, Plug Power announced an agreement with FM Logistics, another French company, to provide power systems. Only Four hedge funds tracked by Insider Monkey were long Plug Power Inc (NASDAQ:PLUG) at the end of the first quarter.

Cerus Corporation’s Stock Jumps

Cerus Corporation (NASDAQ:CERS) has surged 4.33% so far today. The California-based biomedical products company recently received a grant of $2.1 million from the Red Cross for a program to improve blood safety in Africa. Cerus Corporation’s system will also be used at blood centers in Rio Olympics 2016. From our database, 13 investors held about $99.6 million worth of shares of Cerus Corporation (NASDAQ:CERS) at the end of March.

Disclosure: None