With the S&P 500 down -0.71% midday, this Wednesday is starting off slow on Wall Street. A handful of companies, however, are making strong gains. Here’s a look at the four top-gaining billionaire stock picks at midday today: Civeo Corp (NYSE:CVEO), GlycoMimetics Inc (NASDAQ:GLYC), Babcock & Wilcox Co (NYSE:BWC) and Sarepta Therapeutics Inc (NASDAQ:SRPT).
Lee Ainslie's Maverick Capital had a difficult third quarter, although many hedge funds did. The quarter ended with the S&P 500's worst month since the beginning of the COVID pandemic. Q3 2021 hedge fund letters, conferences and more Maverick fund returns Maverick USA was down 11.6% for the third quarter, bringing its year-to-date return to Read More
Civeo Corp (NYSE:CVEO) reached midday up +8.1%, rebounding a bit after tanking on Monday. The Oil States International spin-off abandoned plans to become an REIT early in the week, instead opting to redomicile to Canada for tax purposes. With the purchase of 6.15 million shares, David Einhorn initiated a position in the company in Q2.
GlycoMimetics Inc (NASDAQ:GLYC) climbed +7.62% early in the day this Wednesday. Yesterday, shares plunged after the company’s announcement of a delay in one of its studies. The clinical stage biotech company, a new Q2 pick for billionaire investor George Soros, is down -17.02% year-to-date.
Babcock & Wilcox Co (NYSE:BWC) got a +7.22% boost this morning on the heels of news that it is considering splitting its power-generation and government and nuclear operations businesses into two separate companies. In David Einhorn’s investment portfolio since the third quarter of 2012, BWC has had a rough go in 2014, its price declining -13.31% YTD.
Also getting a strong start to the day is Sarepta Therapeutics Inc (NASDAQ:SRPT), the share price of which surged +5.21%. The explanation: news yesterday that the first case of the Ebola virus has reached the United States. Sarepta has been developing a drug for the virus – company CEO Chris Garabedian said on CNBC today that it has enough stock to handle up to 100 cases. George Soros has held a position in SRPT since the third quarter of 2012.