Is Progenics Pharmaceuticals, Inc. (PGNX) a Good Stock to Buy?

As aggregate interest increased, key hedge funds have been driving this bullishness. Park West Asset Management, led by Peter S. Park, initiated the largest position in Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX). Park West Asset Management had $3.4 million invested in the company at the end of the quarter. Anders Hallberg and Carl Bennet’s HealthInvest Partners AB also made a $1.8 million investment in the stock during the quarter. The following funds were also among the new PGNX investors: Ken Griffin’s Citadel Investment Group, Mike Vranos’s Ellington, and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s go over hedge fund activity in other stocks similar to Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX). These stocks are Oriental Financial Group Inc. (NYSE:OFG), OraSure Technologies, Inc. (NASDAQ:OSUR), QAD Inc. (NASDAQ:QADA), and Myokardia Inc (NASDAQ:MYOK). This group of stocks’ market valuations are similar to PGNX’s market valuation.

As you can see these stocks had an average of 15 funds with bullish positions and the average amount invested in these stocks was $58 million, which is lower than the $122 million figure in PGNX’s case. OraSure Technologies, Inc. (NASDAQ:OSUR) is the most popular stock in this table. On the other hand Oriental Financial Group Inc. (NYSE:OFG) is the least popular one with only 11 bullish hedge fund positions. Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) 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 OraSure Technologies, Inc. (NASDAQ:OSUR) might be a better candidate to consider taking a long position in.

Disclosure: none