Is BioTime, Inc. (BTX) A Good Stock To Buy?

Because BioTime, Inc. (NYSEMKT:BTX) has witnessed a decline in interest from hedge fund managers, logic holds that there is a sect of fund managers that slashed their full holdings last quarter. It’s worth mentioning that Jim Simons’ Renaissance Technologies sold off the largest investment of all the hedgies monitored by Insider Monkey, valued at close to $0.6 million in stock. Israel Englander’s fund, Millennium Management, also sold off its stock, about $0.2 million worth.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as BioTime, Inc. (NYSEMKT:BTX) but similarly valued. These stocks are QuinStreet Inc (NASDAQ:QNST), ChannelAdvisor Corp (NYSE:ECOM), Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS), and Papa Murphy’s Holdings Inc (NASDAQ:FRSH). This group of stocks’ market valuations are closest to BTX’s market valuation.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $35 million, compared to $67 million in BTX’s case. QuinStreet Inc (NASDAQ:QNST) is the most popular stock in this table. On the other hand ChannelAdvisor Corp (NYSE:ECOM) and Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS) are the least popular ones with only 7 bullish hedge fund positions. BioTime, Inc. (NYSEMKT:BTX) 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 QNST might be a better candidate to consider a long position.