Is GTx, Inc. (GTXI) A Good Stock To Buy?

As one would reasonably expect, some big names were leading the bulls’ herd. Jim Simons’ Renaissance Technologies established the most outsized position in GTx, Inc. (NASDAQ:GTXI). According to its latest 13F filing, the fund had $0.1 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $43,000 investment in the stock during the quarter. The only other fund with a brand new GTXI position is Israel Englander’s Millennium Management.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as GTx, Inc. (NASDAQ:GTXI) but similarly valued. We will take a look at Psychemedics Corp. (NASDAQ:PMD), Manning and Napier Inc (NYSE:MN), Cell Therapeutics Inc (NASDAQ:CTIC), and Energy Fuels Inc Ordinary Shares (Canada) (NYSEMKT:UUUU). This group of stocks’ market caps match GTXI’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
PMD 5 9825 5
MN 10 24384 -1
CTIC 8 17825 -1
UUUU 6 2550 -1

As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $14 million. That figure was $9 million in GTXI’s case. Manning and Napier Inc (NYSE:MN) is the most popular stock in this table. On the other hand Psychemedics Corp. (NASDAQ:PMD) is the least popular one with only 5 bullish hedge fund positions. GTx, Inc. (NASDAQ:GTXI) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard MN might be a better candidate to consider taking a long position in.

Disclosure: none.