Abaxis Inc (NASDAQ:ABAX) investors should pay attention to a decrease in activity from the world’s largest hedge funds recently. As an example could serve this morning’s reduction of Abaxis Inc (NASDAQ:ABAX) at Stifel.
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With all of this in mind, it’s important to take a peek at the recent action regarding Abaxis Inc (NASDAQ:ABAX).
Hedge fund activity in Abaxis Inc (NASDAQ:ABAX)
In preparation for this year, a total of 5 of the hedge funds we track were bullish in this stock, a change of -29% from the third quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were boosting their holdings significantly.
According to our comprehensive database, Royce & Associates, managed by Chuck Royce, holds the most valuable position in Abaxis Inc (NASDAQ:ABAX). Royce & Associates has a $10.7 million position in the stock, comprising less than 0.1%% of its 13F portfolio. On Royce & Associates’s heels is Renaissance Technologies, managed by Jim Simons, which held a $4 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other peers that hold long positions include James Dondero’s Highland Capital Management, Ken Griffin’s Citadel Investment Group and Cliff Asness’s AQR Capital Management.
Because Abaxis Inc (NASDAQ:ABAX) has experienced falling interest from the entirety of the hedge funds we track, it’s easy to see that there lies a certain “tier” of funds that decided to sell off their positions entirely in Q4. It’s worth mentioning that Israel Englander’s Millennium Management dropped the largest position of all the hedgies we key on, valued at an estimated $1.7 million in stock.. Paul Tudor Jones’s fund, Tudor Investment Corp, also dropped its stock, about $0.4 million worth. These transactions are important to note, as total hedge fund interest fell by 2 funds in Q4.
What do corporate executives and insiders think about Abaxis Inc (NASDAQ:ABAX)?
Insider trading activity, especially when it’s bullish, is most useful when the company in focus has experienced transactions within the past half-year. Over the last half-year time frame, Abaxis Inc (NASDAQ:ABAX) has experienced zero unique insiders purchasing, and 10 insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Abaxis Inc (NASDAQ:ABAX). These stocks are AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG), Synta Pharmaceuticals Corp. (NASDAQ:SNTA), Quidel Corporation (NASDAQ:QDEL), Neogen Corporation (NASDAQ:NEOG), and Meridian Bioscience, Inc. (NASDAQ:VIVO). This group of stocks are the members of the diagnostic substances industry and their market caps are closest to ABAX’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) | 9 | 0 | 2 |
| Synta Pharmaceuticals Corp. (NASDAQ:SNTA) | 12 | 2 | 0 |
| Quidel Corporation (NASDAQ:QDEL) | 6 | 0 | 2 |
| Neogen Corporation (NASDAQ:NEOG) | 4 | 1 | 4 |
| Meridian Bioscience, Inc. (NASDAQ:VIVO) | 8 | 1 | 5 |
With the results demonstrated by the aforementioned studies, retail investors must always pay attention to hedge fund and insider trading activity, and Abaxis Inc (NASDAQ:ABAX) is no exception.
