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Why These Stocks Are Trending on Friday

Evercore Upgrades Transocean

Transocean LTD (NYSE:RIG)’s stock has jumped by 5.55% so far today after brokerage firm Evercore upgraded the company to “Hold” from “Sell”, and raised the price target to $12. The firm is optimistic that Transocean has the right team to lead the company out of the “current downturn.” Recent rise in oil prices following a drawback in U.S. crude inventories are also contributing to Transocean’s stock gains. Overall, 39 funds from our database were bullish on the company at the end of March.

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Himax Technologies’ CTO Retires

Himax Technologies, Inc. (ADR) (NASDAQ:HIMX)’s stock has declined by more than 6% so far after the company’s CTO and Senior Vice President Chih-Chung Tsai announced his retirement on Friday. Mr. Tsai has served the company as CTO for 11 years. The Taiwan-based semiconductor company said Mr. Tsai will be appointed as the vice chairman of Himax Technology Limited, a wholly-owned subsidiary of Himax Technologies. Among the funds from our database, 27 investors held shares of Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) at the end of the first quarter. Among them, Spencer M. Waxman’s Shannon River Fund Management owns approximately 2.44 million shares of the company.

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Array Biopharma Submits Application for new Drug

Array Biopharma Inc (NASDAQ:ARRY)’s stock has advanced by 4.77% since market opening today after the company announced the submission of a New Drug Application (NDA) for Binimetinib, its drug for the treatment of patients suffering from NRAS-mutant melanoma. The submission is based on the results of the pivotal Phase 3 NEMO study, which found binimetinib significantly extended median progression-free survival (PFS), the study’s primary endpoint. Jeremy Green’s Redmile Group was one of the 20 funds tracked by us that amassed shares of Array Biopharma Inc (NASDAQ:ARRY) at the end of the first quarter.

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Disclosure: None

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