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.

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.

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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