pSivida Corp. (PSDV): Here’s How It Stacks Up Versus Its Peers

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Earlier we told you that the aggregate hedge fund interest in the stock was unchanged and we view this as a negative development. Even though there weren’t any hedge funds dumping their holdings during the third quarter, there weren’t any hedge funds initiating brand new positions either. This indicates that hedge funds, at the very best, perceive this stock as dead money and they haven’t identified any viable catalysts that can attract investor attention.

Let’s check out hedge fund activity in other stocks similar to pSivida Corp. (NASDAQ:PSDV). These stocks are TESSCO Technologies, Inc. (NASDAQ:TESS), Aradigm Corporation (NASDAQ:ARDM), ReneSola Ltd. (ADR) (NYSE:SOL), and Medallion Financial Corp (NASDAQ:MFIN). This group of stocks’ market caps match PSDV’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
TESS 3 13571 0
ARDM 3 10117 -1
SOL 2 8226 -2
MFIN 7 3439 1

As you can see these stocks had an average of 4 hedge funds with bullish positions and the average amount invested in these stocks was $9 million. That figure was $20 million in PSDV’s case. Medallion Financial Corp (NASDAQ:MFIN) is the most popular stock in this table. On the other hand ReneSola Ltd. (ADR) (NYSE:SOL) is the least popular one with only 2 bullish hedge fund positions. pSivida Corp. (NASDAQ:PSDV) 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 currently like more. In this regard MFIN might be a better candidate to consider taking a long position in.

Disclosure: None

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