Hedge Funds Aren’t Crazy About Meridian Bioscience, Inc. (VIVO) Anymore

Due to the fact that Meridian Bioscience, Inc. (NASDAQ:VIVO) has experienced a decline in interest from hedge fund managers, logic holds that there were a few hedgies that elected to cut their full holdings by the end of the third quarter. At the top of the heap, John Overdeck and David Siegel’s Two Sigma Advisors said goodbye to the largest investment of the “upper crust” of funds followed by Insider Monkey, totaling close to $1.8 million in stock, and Paul Marshall and Ian Wace’s Marshall Wace LLP was right behind this move, as the fund dropped about $1.4 million worth of stock. These bearish behaviors are important to note, as total hedge fund interest dropped by 2 funds by the end of the third quarter.

Let’s check out hedge fund activity in other stocks similar to Meridian Bioscience, Inc. (NASDAQ:VIVO). These stocks are Revance Therapeutics Inc (NASDAQ:RVNC), Libbey Inc. (NYSEMKT:LBY), Brookline Bancorp, Inc. (NASDAQ:BRKL), and Isle of Capri Casinos (NASDAQ:ISLE). This group of stocks’ market values are similar to VIVO’s market value.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $84 million. That figure was $45 million in VIVO’s case. Isle of Capri Casinos (NASDAQ:ISLE) is the most popular stock in this table. On the other hand Revance Therapeutics Inc (NASDAQ:RVNC) is the least popular one with only 10 bullish hedge fund positions. Meridian Bioscience, Inc. (NASDAQ:VIVO) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ISLE might be a better candidate to consider a long position.