Here is What Hedge Funds Think About Novavax, Inc. (NVAX)

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Because Novavax, Inc. (NASDAQ:NVAX) has experienced a decline in interest from the entirety of the hedge funds we track, it’s easy to see that there exists a select few hedgies that decided to sell off their full holdings in the third quarter. Intriguingly, Julian Baker and Felix Baker’s Baker Bros. Advisors got rid of the biggest investment of the 700 funds monitored by Insider Monkey, valued at close to $17.3 million in stock, and Bihua Chen’s Cormorant Asset Management was right behind this move, as the fund dumped about $11.8 million worth of shares.

Let’s now review hedge fund activity in other stocks similar to Novavax, Inc. (NASDAQ:NVAX). These stocks are Investment Technology Group (NYSE:ITG), American Renal Associates Holdings Inc (NYSE:ARA), Atwood Oceanics, Inc. (NYSE:ATW), and Keryx Biopharmaceuticals (NASDAQ:KERX). All of these stocks’ market caps are similar to NVAX’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ITG 10 35632 1
ARA 7 326571 -4
ATW 15 69638 -5
KERX 11 174265 -1

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $152 million. That figure was $22 million in NVAX’s case. Atwood Oceanics, Inc. (NYSE:ATW) is the most popular stock in this table. On the other hand American Renal Associates Holdings Inc (NYSE:ARA) is the least popular one with only 7 bullish hedge fund positions. Novavax, Inc. (NASDAQ:NVAX) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ATW might be a better candidate to consider taking a long position in.

Disclosure: None

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