How CytRx Corporation (CYTR) Stacks Up Against Its Peers

As industrywide interest jumped, specific money managers have been driving this bullishness. Sabby Capital, led by Hal Mintz, created the most outsized position in CytRx Corporation (NASDAQ:CYTR). Sabby Capital had $4.4 million invested in the company at the end of the quarter. The other funds with new positions in the stock are Israel Englander’s Millennium Management, and Ken Griffin’s Citadel Investment Group.

Let’s also examine hedge fund activity in other stocks similar to CytRx Corporation (NASDAQ:CYTR). These stocks are VAALCO Energy, Inc. (NYSE:EGY), Christopher & Banks Corporation (NYSE:CBK), ParkerVision, Inc. (NASDAQ:PRKR), and Palatin Technologies, Inc. (NYSEAMEX:PTN). This group of stocks’ market caps are similar to CYTR’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
EGY 9 4988 4
CBK 5 3455 -3
PRKR 4 3630 0
PTN 4 3356 0

As you can see these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $4 million. That figure was $6 million in CYTR’s case. VAALCO Energy, Inc. (NYSE:EGY) is the most popular stock in this table. On the other hand ParkerVision, Inc. (NASDAQ:PRKR) is the least popular one with only 4 bullish hedge fund positions. CytRx Corporation (NASDAQ:CYTR) 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 EGY might be a better candidate to consider taking a long position in.

Disclosure: None