5 Stocks With Rising RSI’s That Lost Hedge Fund Support

#2. Biogen Inc. (NASDAQ:BIIB)

– Hedge funds with long positions as of March 31: 64

– Value of hedge funds’ holdings as of March 31: $3.11 Billion

– RSI: 251.30

There were 64 asset managers from our database with long positions in Biogen Inc. (NASDAQ:BIIB) at the end of March, down from 71 recorded at the end of December. The overall value of those positions fell by 17% during the March quarter to $3.11 billion, mainly due to a 15% decline in the value of Biogen shares. The neurology-focused biotechnology company has seen the value of its shares drop by nearly 18% thus far in 2016. The biotech giant generates more than 80% of its top line from its multiple sclerosis products such as Tecfidera, Avonex, Plegridy, Tysabri and Fampyra, which have been challenged by strong competition, pricing pressures, as well as narrower untreated market. Biogen’s top line increased by approximately 11% last year, significantly lower than the whopping 40% increase registered in 2014. The company’s sales are anticipated to increase in the range of 5%-to-7% each year until 2020, so sales expectations are not overly promising for the upcoming years. Jacob Gottlieb’s Visium Asset Management acquired a new stake of roughly 382,000 shares of Biogen Inc. (NASDAQ:BIIB) during the first quarter of 2016.

#1. Synchrony Financial (NYSE:SYF)

– Hedge funds with long positions as of March 31: 67

– Value of hedge funds’ holdings as of March 31: $3.45 Billion

– RSI: 27.31

Synchrony Financial (NYSE:SYF) lost some of its charm among the hedge funds monitored by Insider Monkey, with the number of funds invested in the company falling to 67 from 82 during the first quarter of 2016. The overall value of those hedge funds’ stakes in the private label credit-card issuer declined by 20% quarter-on-quarter to $3.45 billion, partly due to a 6% drop in the value of Synchrony Financial shares. The shares of General Electric Company (NYSE:GE)’s former consumer credit card business, spun off in July 2014, gained 8% in the past five trading sessions, after the company’s Board of Directors approved its first quarterly-dividend of $0.13 per share, along with a $952 million share repurchase program. The freshly-approved dividend yields 1.90% annually. In mid-June, the largest U.S. issuer of retail-store credit increased its forecast for credit losses over the next 12 months as consumers struggle to repay loans. The company has seen its market capitalization plunge by 10% since the start of 2016. Adage Capital Management, run by Phillip Gross and Robert Atchinson, reported ownership of 9.84 million shares of Synchrony Financial (NYSE:SYF) in its latest 13F.

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