Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

CytRx Corporation (CYTR): Hedge Funds Are Snapping Up

Is CytRx Corporation (NASDAQ:CYTR) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to find the latest market-moving information.

CytRx Corporation (NASDAQ:CYTR) has experienced an increase in hedge fund interest of late. At the end of this article we will also compare CYTR to other stocks, including Skullcandy Inc (NASDAQ:SKUL), GulfMark Offshore, Inc. (NYSE:GLF), and ROI Acquisition Corp (NASDAQ:ROIQ) to get a better sense of its popularity.

Follow Cytrx Corp (NASDAQ:CYTR)
Trade (NASDAQ:CYTR) Now!

If you’d ask most investors, hedge funds are viewed as slow, outdated investment tools of the past. While there are over 8000 funds with their doors open at the moment, We look at the top tier of this club, approximately 700 funds. These money managers have their hands on the majority of the smart money’s total asset base, and by shadowing their inimitable picks, Insider Monkey has spotted a few investment strategies that have historically surpassed the market. Insider Monkey’s small-cap hedge fund strategy outstripped the S&P 500 index by 12 percentage points per year for a decade in their back tests.

Keeping this in mind, let’s take a peek at the fresh action surrounding CytRx Corporation (NASDAQ:CYTR).

How are hedge funds trading CytRx Corporation (NASDAQ:CYTR)?

At the Q3’s end, a total of 7 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 40% from one quarter earlier. With the smart money’s capital changing hands, there exists a few notable hedge fund managers who were boosting their holdings substantially (or already accumulated large positions).

When looking at the institutional investors followed by Insider Monkey, QVT Financial, managed by Daniel Gold, holds the number one position in CytRx Corporation (NASDAQ:CYTR). QVT Financial has a $13 million position in the stock, comprising 0.4% of its 13F portfolio. The second largest stake is held by James A. Silverman of Opaleye Management, with a $3.6 million position; the fund has 1.8% of its 13F portfolio invested in the stock. The remaining members of the smart money that are bullish comprise Julian Baker and Felix Baker’s Baker Bros. Advisors and Nathan Fischel’s DAFNA Capital Management.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...