Receptos Inc (NASDAQ:RCPT), Enzon Pharmaceuticals Inc (NASDAQ:ENZN) and Applied Micro Circuits Corporation (NASDAQ:AMCC) are this Tuesday’s top gainers midday. The losers are Qiwi PLC (NASDAQ:QIWI), Tasman Metals Ltd (NYSEMKT:TAS) and Magnum Hunter Resources Corp (NYSE:MHR).
Receptos soars on new drug announcement
Receptos Inc (NASDAQ:RCPT) soared +35.96% by midday this Tuesday after revealing that its experimental multiple sclerosis drug met its main goal in a mid-stage trial. Billionaire hedge fund manager Thomas Steyer holds 310,000 RCPT shares after significantly upping his stake in the first quarter of the year.
Third Point's Dan Loeb discusses their new positions in a letter to investor reviewed by ValueWalk. Stay tuned for more coverage. Loeb notes some new purchases as follows: Third Point’s investment in Grab is an excellent example of our ability to “lifecycle invest” by being a thought and financial partner from growth capital stages to Read More
Enzon Pharmaceuticals Inc (NASDAQ:ENZN) jumped +18.21% and continues on what has been a solid month-long run, its price up +21.73% since May 12th. Carl Icahn has maintained a 5.9-million-share position in the biotech firm across several quarters.
The share price of Applied Micro Circuits Corporation (NASDAQ:AMCC) surged +10.24% midday after Canaccord initiated coverage of the chipmaker, assigning it a “buy” rating and a price target of $16. Julian Robertson initiated a position in AMCC in the fourth quarter of 2013 and scaled back his allocation in Q1.
QIWI, MHR Dip, but Future Looks Bright
Russian payment services provider Qiwi PLC (NASDAQ:QIWI) dipped -6.64%. The Tiger Global pick said today that it has filed a registration statement with the SEC for a proposed underwritten public offering of an aggregate of 7.9 million of its Class B shares. It also stands to benefit should Russia move to create a national credit-payment system. In other words, QIWI investors shouldn’t be very concerned about today’s midday price drop.
The share price of Tasman Metals Ltd (NYSEMKT:TAS) fell -6.37%. The junior resource company and long-time George Soros holding has taken a major hit since ending merger negotiations with Flinders Resources in May, its price falling -28.4% since then.
Last on today’s list of midday losers is Magnum Hunter Resources Corp (NYSE:MHR). Its share price dropped -5.88% today, even as the company announced a bid for Australian firm Ambassador Oil & Gas. Magnum Hunter has had a strong run in recent weeks, and its price has surged +12.72% over the past month. Investors, including George Soros, needn’t worry.