Hedge Funds Are Buying Endocyte, Inc. (ECYT)

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Now, key money managers have been driving this bullishness. Baker Bros. Advisors, managed by Julian Baker and Felix Baker, established the largest position in Endocyte, Inc. (NASDAQ:ECYT). Baker Bros. Advisors had $6.2 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made an $0.3 million investment in the stock during the quarter. The following funds were also among the new ECYT investors: Peter Muller’s PDT Partners and Hal Mintz’s Sabby Capital.

Let’s now take a look at hedge fund activity in other stocks similar to Endocyte, Inc. (NASDAQ:ECYT). We will take a look at Genocea Biosciences Inc (NASDAQ:GNCA), Limelight Networks, Inc. (NASDAQ:LLNW), The Phoenix Companies, Inc. (NYSE:PNX), and Transenterix Inc (NYSEMKT:TRXC). This group of stocks’ market values are similar to ECYT’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GNCA 14 34354 4
LLNW 12 12206 1
PNX 5 18416 0
TRXC 10 50201 -3

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $29 million, compared to $15 million in ECYT’s case. Genocea Biosciences Inc (NASDAQ:GNCA) is the most popular stock in this table. On the other hand The Phoenix Companies, Inc. (NYSE:PNX) is the least popular one with only 5 bullish hedge fund positions. Endocyte, Inc. (NASDAQ:ECYT) registers an average level of interest from hedge funds, which is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard GNCA might be a better candidate to consider a long position.

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