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AngioDynamics, Inc. (ANGO): Are Hedge Funds Right About This Stock?

AngioDynamics, Inc. (NASDAQ:ANGO) investors should pay attention to a decrease in enthusiasm from smart money lately.

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Kevin Kotler

Equally as integral, bullish insider trading activity is another way to break down the investments you’re interested in. Obviously, there are many incentives for a corporate insider to drop shares of his or her company, but just one, very clear reason why they would initiate a purchase. Various academic studies have demonstrated the valuable potential of this method if shareholders understand where to look (learn more here).

With all of this in mind, it’s important to take a peek at the recent action encompassing AngioDynamics, Inc. (NASDAQ:ANGO).

What does the smart money think about AngioDynamics, Inc. (NASDAQ:ANGO)?

At the end of the fourth quarter, a total of 10 of the hedge funds we track were long in this stock, a change of -17% from the third quarter. With hedge funds’ sentiment swirling, there exists a select group of noteworthy hedge fund managers who were upping their holdings meaningfully.

According to our comprehensive database, James E. Flynn’s Deerfield Management had the biggest position in AngioDynamics, Inc. (NASDAQ:ANGO), worth close to $26.8 million, accounting for 1.5% of its total 13F portfolio. On Deerfield Management’s heels is Broadfin Capital, managed by Kevin Kotler, which held a $23 million position; the fund has 5.7% of its 13F portfolio invested in the stock. Other hedge funds with similar optimism include Chuck Royce’s Royce & Associates, SAC Subsidiary’s CR Intrinsic Investors and Mario Gabelli’s GAMCO Investors.

Judging by the fact that AngioDynamics, Inc. (NASDAQ:ANGO) has faced declining sentiment from the aggregate hedge fund industry, it’s easy to see that there is a sect of hedgies that elected to cut their full holdings last quarter. It’s worth mentioning that Sander Gerber’s Hudson Bay Capital Management dropped the biggest stake of the “upper crust” of funds we monitor, worth close to $0.6 million in stock., and Paul Tudor Jones of Tudor Investment Corp was right behind this move, as the fund dropped about $0.1 million worth. These moves are interesting, as aggregate hedge fund interest fell by 2 funds last quarter.

Insider trading activity in AngioDynamics, Inc. (NASDAQ:ANGO)

Insider purchases made by high-level executives is at its handiest when the company in question has seen transactions within the past six months. Over the latest half-year time period, AngioDynamics, Inc. (NASDAQ:ANGO) has seen 4 unique insiders buying, and 1 insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to AngioDynamics, Inc. (NASDAQ:ANGO). These stocks are Vascular Solutions, Inc. (NASDAQ:VASC), OraSure Technologies, Inc. (NASDAQ:OSUR), Merit Medical Systems, Inc. (NASDAQ:MMSI), Antares Pharma Inc (NASDAQ:ATRS), and Atrion Corporation (NASDAQ:ATRI). This group of stocks are the members of the medical instruments & supplies industry and their market caps match ANGO’s market cap.

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