OvaScience Inc (OVAS): Hedge Fund Sentiment Flatlines

Because OvaScience Inc (NASDAQ:OVAS) has faced bearish sentiment from the entirety of the hedge funds we track, we can see that there exists a select few funds that slashed their positions entirely in the third quarter. It’s worth mentioning that Israel Englander’s Millennium Management cut the biggest stake of the “upper crust” of funds monitored by Insider Monkey, comprising an estimated $0.7 million in stock. Adam Usdan’s fund, Trellus Management Company, also dumped its stock, about $0.2 million worth.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as OvaScience Inc (NASDAQ:OVAS) but similarly valued. These stocks are Bluerock Residential Growth REIT Inc (NYSEMKT:BRG), Bassett Furniture Industries Inc. (NASDAQ:BSET), Merus NV (NASDAQ:MRUS), and Great Ajax Corp (NYSE:AJX). This group of stocks’ market values match OVAS’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BRG 8 29099 0
BSET 10 52691 0
MRUS 5 32514 -1
AJX 4 17569 -2

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 $33 million. That figure was $49 million in OVAS’s case. Bassett Furniture Industries Inc. (NASDAQ:BSET) is the most popular stock in this table. On the other hand Great Ajax Corp (NYSE:AJX) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks OvaScience Inc (NASDAQ:OVAS) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None