Hedge Fund Sentiment Is Stagnant On Cynapsus Therapeutics Inc (CYNA)

Due to the fact that Cynapsus Therapeutics Inc (NASDAQ:CYNA) has witnessed a declining sentiment from hedge fund managers, we can see that there lies a certain “tier” of hedge funds that slashed their positions entirely in the third quarter. Interestingly, Marc Lehmann’s Riverloft Capital Management said goodbye to the biggest investment of the “upper crust” of funds tracked by Insider Monkey, valued at about $1.2 million in stock, and Anand Parekh’s Alyeska Investment Group was right behind this move, as the fund cut about $0.2 million worth of shares. These bearish behaviors are intriguing to say the least, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s go over hedge fund activity in other stocks similar to Cynapsus Therapeutics Inc (NASDAQ:CYNA). These stocks are Senomyx Inc. (NASDAQ:SNMX), CRA International, Inc. (NASDAQ:CRAI), Lifetime Brands Inc (NASDAQ:LCUT), and Medgenics Inc (NYSEMKT:MDGN). This group of stocks’ market values matches Civeo Corporation (Canada) (NYSE:CVEO)’s market value.

As you can see, these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $27 million. That figure was $63 million in Civeo Corporation (Canada) (NYSE:CVEO)’s case. CRA International, Inc. (NASDAQ:CRAI) is the most popular stock in this table. On the other hand, Lifetime Brands Inc (NASDAQ:LCUT) is the least popular one with only 4 bullish hedge fund positions. Cynapsus Therapeutics Inc (NASDAQ:CYNA) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Civeo Corporation (Canada) (NYSE:CVEO) might be a better candidate to consider a long position.