In today’s marketplace, there are many gauges market participants can use to analyze the equity markets. A pair of the most innovative are hedge fund and insider trading movement. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the best hedge fund managers can outperform their index-focused peers by a healthy amount (see just how much).
Just as beneficial, positive insider trading sentiment is a second way to break down the marketplace. Just as you’d expect, there are a number of stimuli for an insider to cut shares of his or her company, but just one, very simple reason why they would initiate a purchase. Several empirical studies have demonstrated the market-beating potential of this strategy if piggybackers know where to look (learn more here).
With these “truths” under our belt, we’re going to take a peek at the latest action regarding Myrexis Inc (PINK:MYRX).
How have hedgies been trading Myrexis Inc (PINK:MYRX)?
At year’s end, a total of 6 of the hedge funds we track held long positions in this stock, a change of -14% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were increasing their stakes substantially.
Of the funds we track, Millennium Management, managed by Israel Englander, holds the most valuable position in Myrexis Inc (PINK:MYRX). Millennium Management has a $3.7 million position in the stock, comprising less than 0.1%% of its 13F portfolio. On Millennium Management’s heels is Andrew Weiss of Weiss Asset Management, with a $3.4 million position; the fund has 1.9% of its 13F portfolio invested in the stock. Other peers with similar optimism include Jim Simons’s Renaissance Technologies, Ryan Schaper’s Point Lobos Capital and D. E. Shaw’s D E Shaw.
Because Myrexis Inc (PINK:MYRX) has faced declining sentiment from the entirety of the hedge funds we track, it’s easy to see that there were a few fund managers that elected to cut their full holdings last quarter. It’s worth mentioning that Jean-Marie Eveillard’s First Eagle Investment Management dumped the largest stake of the 450+ funds we track, comprising an estimated $6.7 million in stock.. John W. Rogers’s fund, Ariel Investments, also dropped its stock, about $1.2 million worth. These bearish behaviors are interesting, as total hedge fund interest was cut by 1 funds last quarter.
What do corporate executives and insiders think about Myrexis Inc (PINK:MYRX)?
Bullish insider trading is at its handiest when the company in focus has seen transactions within the past half-year. Over the latest six-month time frame, Myrexis Inc (PINK:MYRX) has seen zero unique insiders purchasing, and 1 insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Myrexis Inc (PINK:MYRX). These stocks are Hi-Tech Pharmacal Co. (NASDAQ:HITK), Avanir Pharmaceuticals, Inc. (NASDAQ:AVNR), Supernus Pharmaceuticals Inc (NASDAQ:SUPN), and Galectin Therapeutics Inc. (NASDAQ:GALT). This group of stocks belong to the drugs – generic industry and their market caps are similar to MYRX’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Hi-Tech Pharmacal Co. (NASDAQ:HITK) | 11 | 0 | 5 |
| Avanir Pharmaceuticals, Inc. (NASDAQ:AVNR) | 4 | 1 | 2 |
| Supernus Pharmaceuticals Inc (NASDAQ:SUPN) | 6 | 4 | 1 |
| Galectin Therapeutics Inc. (NASDAQ:GALT) | 1 | 1 | 0 |
With the results shown by Insider Monkey’s tactics, everyday investors should always watch hedge fund and insider trading sentiment, and Myrexis Inc (PINK:MYRX) applies perfectly to this mantra.
