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Do Hedge Funds Love Navidea Biopharmaceuticals Inc (NAVB)?

As aggregate interest increased, key hedge funds have jumped into Navidea Biopharmaceuticals Inc (NYSEMKT:NAVB) headfirst. Renaissance Technologies, managed by Jim Simons, created the most valuable position in Navidea Biopharmaceuticals Inc (NYSEMKT:NAVB). Renaissance Technologies had $1 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated an $0.1 million position during the quarter. The other fund with a brand new NAVB position is Dmitry Balyasny’s Balyasny Asset Management.

Let’s go over hedge fund activity in other stocks similar to Navidea Biopharmaceuticals Inc (NYSEMKT:NAVB). We will take a look at Ares Commercial Real Estate Corp (NYSE:ACRE), Xcerra Corp (NASDAQ:XCRA), Arrowhead Research Corp (NASDAQ:ARWR), and Ocean Rig UDW Inc (NASDAQ:ORIG). This group of stocks’ market valuations are closest to NAVB’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ACRE 13 23376 -1
XCRA 19 48566 -3
ARWR 10 27001 1
ORIG 15 76592 -1

As you can see these stocks had an average of 14.25 hedge funds with bullish positions and the average amount invested in these stocks was $44 million. That figure was $30 million in NAVB’s case. Xcerra Corp (NASDAQ:XCRA) is the most popular stock in this table. On the other hand Arrowhead Research Corp (NASDAQ:ARWR) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks Navidea Biopharmaceuticals Inc (NYSEMKT:NAVB) is even less popular than ARWR. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

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