OvaScience Inc (OVAS): Are Hedge Funds Right About This Stock?

Seeing as OvaScience Inc (NASDAQ:OVAS) has witnessed falling interest from the smart money, we can see that there exists a select few hedge funds that slashed their full holdings last quarter. It’s worth mentioning that Mark Kingdon’s Kingdon Capital said goodbye to the largest stake of the “upper crust” of funds watched by Insider Monkey, valued at about $19.6 million in stock. Clifford Fox’s fund, Columbus Circle Investors, also dumped its stock, about $8.1 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to OvaScience Inc (NASDAQ:OVAS). We will take a look at Bel Fuse, Inc. (NASDAQ:BELFB), Independence Realty Trust Inc (NYSEMKT:IRT), Safe Bulkers, Inc. (NYSE:SB), and Big 5 Sporting Goods Corporation (NASDAQ:BGFV). This group of stocks’ market valuations resemble OVAS’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 $38 million. That figure was $47 million in OVAS’s case. Big 5 Sporting Goods Corporation (NASDAQ:BGFV) is the most popular stock in this table. On the other hand Safe Bulkers, Inc. (NYSE:SB) is the least popular one with only 6 bullish hedge fund positions. OvaScience Inc (NASDAQ:OVAS) 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 BGFV might be a better candidate to consider a long position.