SCYNEXIS Inc (SCYX): Have Hedge Funds Found A Hidden Gem?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually got rid of their positions entirely. Interestingly, Steven Boyd’s Armistice Capital got rid of the biggest stake of the “upper crust” of funds studied by Insider Monkey, totaling an estimated $1.5 million in stock. Hal Mintz’s fund, Sabby Capital, also cut its stock, about $1.2 million worth.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as SCYNEXIS Inc (NASDAQ:SCYX) but similarly valued. We will take a look at Dover Motorsports, Inc. (NYSE:DVD), Natural Alternatives International, Inc. (NASDAQ:NAII), OHR Pharmaceutical Inc (NASDAQ:OHRP), and China Finance Online Co. (ADR) (NASDAQ:JRJC). This group of stocks’ market valuations are closest to SCYX’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
DVD 4 13337 -1
NAII 4 5995 0
OHRP 4 1789 0
JRJC 2 334 -2

As you can see these stocks had an average of 3 hedge funds with bullish positions and the average amount invested in these stocks was $5 million. That figure was $19 million in SCYX’s case. Dover Motorsports, Inc. (NYSE:DVD) is the most popular stock in this table. On the other hand China Finance Online Co. (ADR) (NASDAQ:JRJC) is the least popular one with only 2 bullish hedge fund positions. Compared to these stocks SCYNEXIS Inc (NASDAQ:SCYX) 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