The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 866 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of March 31st. In this article we look at what those investors think of Navidea Biopharmaceuticals Inc (NYSE:NAVB).
Navidea Biopharmaceuticals Inc (NYSE:NAVB) shares haven’t seen a lot of action during the second quarter. Overall, hedge fund sentiment was unchanged. The stock was in 3 hedge funds’ portfolios at the end of the first quarter of 2021. Our calculations also showed that NAVB isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings). At the end of this article we will also compare NAVB to other stocks including Puhui Wealth Investment Management Co., Ltd. (NASDAQ:PHCF), Motus GI Holdings, Inc. (NASDAQ:MOTS), and Cyclacel Pharmaceuticals Inc (NASDAQ:CYCC) to get a better sense of its popularity.
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John Overdeck of Two Sigma Advisors
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Do Hedge Funds Think NAVB Is A Good Stock To Buy Now?
At Q1’s end, a total of 3 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 0% from the fourth quarter of 2020. On the other hand, there were a total of 1 hedge funds with a bullish position in NAVB a year ago. So, let’s check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in Navidea Biopharmaceuticals Inc (NYSE:NAVB) was held by Renaissance Technologies, which reported holding $0.3 million worth of stock at the end of December. It was followed by Two Sigma Advisors with a $0.3 million position. The only other hedge fund that is bullish on the company was Citadel Investment Group.
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. 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 go over hedge fund activity in other stocks – not necessarily in the same industry as Navidea Biopharmaceuticals Inc (NYSE:NAVB) but similarly valued. We will take a look at Puhui Wealth Investment Management Co., Ltd. (NASDAQ:PHCF), Motus GI Holdings, Inc. (NASDAQ:MOTS), Cyclacel Pharmaceuticals Inc (NASDAQ:CYCC), Hallador Energy Co (NASDAQ:HNRG), Crown ElectroKinetics Corp. (NASDAQ:CRKN), MEDIROM Healthcare Technologies Inc. (NASDAQ:MRM), and Asia Pacific Wire & Cable (NASDAQ:APWC). All of these stocks’ market caps resemble NAVB’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| PHCF | 2 | 252 | 2 |
| MOTS | 6 | 3178 | 0 |
| CYCC | 8 | 16256 | 4 |
| HNRG | 4 | 4536 | -1 |
| CRKN | 2 | 371 | 2 |
| MRM | 1 | 218 | 1 |
| APWC | 2 | 1076 | 1 |
| Average | 3.6 | 3698 | 1.3 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 3.6 hedge funds with bullish positions and the average amount invested in these stocks was $4 million. That figure was $1 million in NAVB’s case. Cyclacel Pharmaceuticals Inc (NASDAQ:CYCC) is the most popular stock in this table. On the other hand MEDIROM Healthcare Technologies Inc. (NASDAQ:MRM) is the least popular one with only 1 bullish hedge fund positions. Navidea Biopharmaceuticals Inc (NYSE:NAVB) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for NAVB is 32.1. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.2% in 2021 through June 11th and surpassed the market again by 3.3 percentage points. Unfortunately NAVB wasn’t nearly as popular as these 5 stocks (hedge fund sentiment was quite bearish); NAVB investors were disappointed as the stock returned -2.5% since the end of March (through 6/11) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market in 2021.
Follow Navidea Biopharmaceuticals Inc. (NYSEMKT:NAVB)
Follow Navidea Biopharmaceuticals Inc. (NYSEMKT:NAVB)
Disclosure: None. This article was originally published at Insider Monkey.
