Here is What Hedge Funds Think About Pendrell Corporation – Class A (PCO)

With a general bullishness amongst the heavyweights, key money managers have jumped into Pendrell Corporation – Class A (NASDAQ:PCO) headfirst. Millennium Management, managed by Israel Englander, assembled the most outsized position in Pendrell Corporation – Class A (NASDAQ:PCO). Millennium Management had $1.1 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a small investment in the stock during the quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Pendrell Corporation – Class A (NASDAQ:PCO) but similarly valued. These stocks are Endocyte, Inc. (NASDAQ:ECYT), Genocea Biosciences Inc (NASDAQ:GNCA), Limelight Networks, Inc. (NASDAQ:LLNW), and The Phoenix Companies, Inc. (NYSE:PNX). This group of stocks’ market valuations are similar to PCO’s market valuation.

As you can see these stocks had an average of 10.25 hedge funds with bullish positions and the average amount invested in these stocks was $20 million. That figure was $60 million in PCO’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. Pendrell Corporation – Class A (NASDAQ:PCO) 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 GNCA might be a better candidate to consider a long position.