Is Syros Pharmaceuticals Inc (SYRS) A Good Stock To Buy?

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As industry-wide interest jumped, key money managers have jumped into Syros Pharmaceuticals Inc (NASDAQ:SYRS) headfirst. EcoR1 Capital, led by Oleg Nodelman, assembled the most outsized position in Syros Pharmaceuticals Inc (NASDAQ:SYRS). EcoR1 Capital had $0.9 million invested in the company at the end of the quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Syros Pharmaceuticals Inc (NASDAQ:SYRS). We will take a look at Seadrill Partners LLC (NYSE:SDLP), American Software, Inc. (NASDAQ:AMSWA), Enova International Inc (NYSE:ENVA), and Monster Worldwide, Inc. (NYSE:MWW). All of these stocks’ market caps resemble SYRS’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
SDLP 7 1670 0
AMSWA 5 23513 1
ENVA 21 74736 3
MWW 20 50220 1

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $38 million. That figure was $50 million in SYRS’s case. Enova International Inc (NYSE:ENVA) is the most popular stock in this table. On the other hand American Software, Inc. (NASDAQ:AMSWA) is the least popular one with only 5 bullish hedge fund positions. Syros Pharmaceuticals Inc (NASDAQ:SYRS) 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 ENVA might be a better candidate to consider taking a long position in.

Disclosure: None

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