As one would reasonably expect, key money managers were leading the bulls’ herd. EcoR1 Capital created the most outsized position in Oncothyreon Inc (USA) (NASDAQ:ONTY). EcoR1 Capital had $2.6 million invested in the company at the end of the quarter. Cliff Asness’ AQR Capital Management also initiated a $0.1 million position during the quarter. The only other fund with a brand new ONTY position is Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Oncothyreon Inc (USA) (NASDAQ:ONTY) but similarly valued. These stocks are Nam Tai Property Inc (NYSE:NTP), Ignyta Inc (NASDAQ:RXDX), Hovnanian Enterprises, Inc. (NYSE:HOV), and Cytokinetics, Inc. (NASDAQ:CYTK). This group of stocks’ market caps are closest to ONTY’s market cap.
Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
---|---|---|---|
NTP | 8 | 27450 | 1 |
RXDX | 12 | 79834 | -6 |
HOV | 16 | 37867 | 5 |
CYTK | 17 | 47150 | 4 |
As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $48 million. That figure was $84 million in ONTY’s case. Cytokinetics, Inc. (NASDAQ:CYTK) is the most popular stock in this table, while Nam Tai Property Inc (NYSE:NTP) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks Oncothyreon Inc (USA) (NASDAQ:ONTY) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.