CTI BioPharma Corp (CTIC): Are Hedge Funds Right About This Stock?

Due to the fact that CTI BioPharma Corp (NASDAQ:CTIC) has faced declining sentiment from the smart money, it’s safe to say that there lies a certain “tier” of hedge funds who sold off their entire stakes in the third quarter. It’s worth mentioning that Anand Parekh’s Alyeska Investment Group sold off the biggest position of the “upper crust” of funds tracked by Insider Monkey, valued at about $0.3 million in stock. Ben Levine, Andrew Manuel and Stefan Renold’s fund, LMR Partners, also sold off its stock, about $0.1 million worth.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Cell Therapeutics Inc (NASDAQ:CTIC) but similarly valued. We will take a look at Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU), Neos Therapeutics Inc (NASDAQ:NEOS), Taseko Mines Limited (USA) (NYSEAMEX:TGB), and Camtek LTD. (NASDAQ:CAMT). This group of stocks’ market caps are closest to CTIC’s market cap.

As you can see these stocks had an average of five funds with bullish positions and the average amount invested in these stocks was $5 million. That figure was $18 million in CTIC’s case. Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU) is the most popular stock in this table. On the other hand Taseko Mines Limited (USA) (NYSEAMEX:TGB) is the least popular one with only four bullish hedge fund positions. Compared to these stocks Cell Therapeutics Inc (NASDAQ:CTIC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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