Column: Hedge Funds Buy US Crude as Stocks Fall (Reuters)
Portfolio investors have become less bearish about the outlook for U.S. crude oil prices as inventories fall, but the rest of the petroleum complex continued to see light selling at the end of the seasonal holiday slowdown. Hedge funds and other money managers purchased the equivalent of 19 million barrels in the NYMEX and ICE U.S. crude (WTI) futures and options contracts over the seven days ending on August 29.
Paper Says Substantial Hedge Fund Alpha Stems from Idiosyncratic Actions (Opalesque)
A new paper “Unobserved Performance of Hedge Funds’, authored by Vikas Agarwal, Stefan Ruenzi, and Florian Weigert, is forthcoming at the Journal of Finance. The paper finds that over the period from 1997 to 2017, hedge funds have earned substantial alpha (outperformance against their benchmark) based on their reported returns. However, when investigating their disclosed long equity portfolio data, the alpha is not there. Interestingly, the authors found that hedge funds’ “unobserved actions” – i.e., frequent trading, derivatives usage, short selling, and confidential holdings – account for a large part of their alpha.
Tuesday 9/5 Insider Buying Report: VAPO, QNCX (Nasdaq.com)
On Thursday, Vapotherm’s Director, Anthony L. Arnerich, made a $117,337 buy of VAPO, purchasing 37,750 shares at a cost of $3.11 each. Arnerich was up about 3.3% on the purchase at the high point of today’s trading session, with VAPO trading as high as $3.21 in trading on Tuesday. Vapotherm is trading up about 2.8% on the day Tuesday. Before this latest buy, Arnerich made one other buy in the past twelve months, purchasing $76,000 shares at a cost of $0.76 a piece. And also on Thursday, Director David Lamond purchased $107,898 worth of Quince Therapeutics, purchasing 82,052 shares at a cost of $1.31 each. Before this latest buy, Lamond made one other buy in the past year, purchasing $325,737 shares for a cost of $1.30 a piece. Quince Therapeutics is trading trading flat on the day Tuesday.
$1.5M Bet On Domo? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Inhibrx: The Trade: Inhibrx, Inc. (INBX) Sharon Rose Shabet acquired a total of 511,627 shares an average price of $19.35. To acquire these shares, it cost around $9.9 million. What’s Happening: Inhibrx announced a $200 million private placement financing. What Inhibrx Does: Inhibrx Inc is a clinical-stage biotechnology company focused on developing a pipeline of novel biologic therapeutic candidates. Domo: The Trade: Domo Inc. (DOMO) Director David Daniel Daniel III acquired a total of 137,000 shares at an average price of $10.94. To acquire these shares, it cost around $1.5 million.
ExodusPoint Capital Management LP Invests $1.10 Million in Cytek Biosciences, Inc. (NASDAQ:CTKB) (MarketBeat)
ExodusPoint Capital Management LP acquired a new position in Cytek Biosciences Inc. (NASDAQ:CTKB) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 119,770 shares of the company’s stock, valued at approximately $1,101,000. ExodusPoint Capital Management LP owned 0.09% of Cytek Biosciences at the end of the most recent reporting period. A number of other large investors also recently modified their holdings of CTKB. Royal Bank of Canada grew its stake in shares of Cytek Biosciences by 222.0% in the third quarter.
