The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Regenxbio Inc (NASDAQ:RGNX).
Is Regenxbio Inc (NASDAQ:RGNX) a buy here? The smart money is in an optimistic mood. The number of long hedge fund positions went up by 17 lately given that the company did its initial public offering in September. At the end of this article we will also compare RGNX to other stocks including U.S. Physical Therapy, Inc. (NYSE:USPH), Habit Restaurants Inc (NASDAQ:HABT), and American Residential Properties Inc (NYSE:ARPI) to get a better sense of its popularity.
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To the average investor there are plenty of formulas shareholders employ to value publicly traded companies. Some of the most useful formulas are hedge fund and insider trading activity. Our experts have shown that, historically, those who follow the best picks of the elite money managers can trounce the market by a superb margin (see the details here).
With all of this in mind, let’s take a glance at the key action surrounding Regenxbio Inc (NASDAQ:RGNX).
What have hedge funds been doing with Regenxbio Inc (NASDAQ:RGNX)?
According to Insider Monkey’s hedge fund database, Bain Capital’s Brookside Capital has the most valuable position in Regenxbio Inc (NASDAQ:RGNX), worth close to $42.6 million, corresponding to 1.3% of its total 13F portfolio. On Brookside Capital’s heels is Deerfield Management, led by James E. Flynn, holding a $29.4 million position; the fund has 1.1% of its 13F portfolio invested in the stock. Some other peers that are bullish consist of Anders Hove and Bong Koh’s VHCP Management, Joseph Edelman’s Perceptive Advisors and Jerome Pfund and Michael Sjostrom’s Sectoral Asset Management.
As one would reasonably expect, key hedge funds have been driving this bullishness. Brookside Capital, managed by Bain Capital, established the most outsized position in Regenxbio Inc (NASDAQ:RGNX). Brookside Capital had $42.6 million invested in the company at the end of the quarter. James E. Flynn’s Deerfield Management also initiated a $29.4 million position during the quarter. The following funds were also among the new RGNX investors: Anders Hove and Bong Koh’s VHCP Management, Joseph Edelman’s Perceptive Advisors, and Jerome Pfund and Michael Sjostrom’s Sectoral Asset Management.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Regenxbio Inc (NASDAQ:RGNX) but similarly valued. We will take a look at U.S. Physical Therapy, Inc. (NYSE:USPH), Habit Restaurants Inc (NASDAQ:HABT), American Residential Properties Inc (NYSE:ARPI), and TrustCo Bank Corp NY (NASDAQ:TRST). This group of stocks’ market valuations are similar to RGNX’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| USPH | 11 | 89274 | 1 |
| HABT | 9 | 36045 | -2 |
| ARPI | 11 | 145048 | -4 |
| TRST | 8 | 60752 | 4 |
As you can see these stocks had an average of 9.75 hedge funds with bullish positions and the average amount invested in these stocks was $83 million. That figure was $146 million in RGNX’s case. U.S. Physical Therapy, Inc. (NYSE:USPH) is the most popular stock in this table. On the other hand TrustCo Bank Corp NY (NASDAQ:TRST) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks Regenxbio Inc (NASDAQ:RGNX) 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.
