Hedge Funds Are Betting On Abeona Therapeutics Inc (ABEO)

As industrywide interest jumped, key hedge funds were breaking ground themselves. Highbridge Capital Management, led by Glenn Russell Dubin, initiated the largest position in Abeona Therapeutics Inc (NASDAQ:ABEO). Highbridge Capital Management had $1.6 million invested in the company at the end of the quarter. Julian Baker and Felix Baker’s Baker Bros. Advisors also initiated a $0.6 million position during the quarter. The other funds with brand new ABEO positions are James A. Silverman’s Opaleye Management, Manoneet Singh’s Kavi Asset Management, and Philip Hempleman’s Ardsley Partners.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Abeona Therapeutics Inc (NASDAQ:ABEO) but similarly valued. We will take a look at Agile Therapeutics Inc (NASDAQ:AGRX), Hornbeck Offshore Services, Inc. (NYSE:HOS), Dimension Therapeutics Inc (NASDAQ:DMTX), and Paragon Commercial Corp (NASDAQ:PBNC). This group of stocks’ market values resemble ABEO’s market value.

As you can see these stocks had an average of 8.5 hedge funds with bullish positions and the average amount invested in these stocks was $50 million. That figure was $40 million in ABEO’s case. Hornbeck Offshore Services, Inc. (NYSE:HOS) is the most popular stock in this table. On the other hand Paragon Commercial Corp (NASDAQ:PBNC) is the least popular one with only 4 bullish hedge fund positions. Abeona Therapeutics Inc (NASDAQ:ABEO) is not the most popular stock in this group but hedge fund interest is still well above average. Also hedge funds collectively own 19.8% of ABEO’s outstanding shares v. 39.8% for HOS. In this regard HOS might be a better candidate to consider taking a long position in. However, since hedge funds are also overweight ABEO, it wouldn’t be a waste of time to do some due diligence on this stock.