What Do Hedge Funds Think of NovaGold Resources Inc. (USA) (NG)?

Interestingly, Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners cut the largest stake of all the hedgies watched by Insider Monkey, valued at close to $0.1 million in stock. Ken Fisher’s fund, Fisher Asset Management, also cut its stock, about $0.1 million worth. These moves are important to note, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as NovaGold Resources Inc. (USA) (NYSEMKT:NG) but similarly valued. We will take a look at Insmed Incorporated (NASDAQ:INSM), Eagle Pharmaceuticals Inc (NASDAQ:EGRX), Federal-Mogul Holdings Corp (NASDAQ:FDML), and Seres Therapeutics Inc (NASDAQ:MCRB). This group of stocks’ market valuations match NG’s market valuation.

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $378 million. That figure was $277 million in NG’s case. Insmed Incorporated (NASDAQ:INSM) is the most popular stock in this table. On the other hand Seres Therapeutics Inc (NASDAQ:MCRB) is the least popular one with only 10 bullish hedge fund positions. Along with INSM, NovaGold Resources Inc. (USA) (NYSEMKT:NG) is the most popular stock in the group, and that attribute makes it worth a closer look.