Where Do Hedge Funds Stand On AgeX Therapeutics, Inc. (AGE)?
Is AgeX Therapeutics, Inc. (NYSE:AGE) a good place to invest some of your money right now? We can gain invaluable insight to help us answer that question by studying the investment trends of top investors, who employ world-class Ivy League graduates, who are given immense resources and industry contacts to put their financial expertise to work. The top picks of these firms have historically outperformed the market when we account for known risk factors, making them very valuable investment ideas.
AgeX Therapeutics, Inc. (NYSE:AGE) has experienced a decrease in support from the world's most elite money managers in recent months. AgeX Therapeutics, Inc. (NYSE:AGE) was in 3 hedge funds' portfolios at the end of September. The all time high for this statistics is 6. Our calculations also showed that AGE isn't among the 30 most popular stocks among hedge funds (click for Q3 rankings and see the video for a quick look at the top 5 stocks).
Video: Watch our video about the top 5 most popular hedge fund stocks.
At the moment there are a lot of methods market participants can use to analyze stocks. A pair of the most useful methods are hedge fund and insider trading indicators. Our experts have shown that, historically, those who follow the best picks of the best hedge fund managers can outperform the S&P 500 by a solid amount (see the details here).
Israel Englander of Millennium Management
At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, Federal Reserve has been creating trillions of dollars electronically to keep the interest rates near zero. We believe this will lead to inflation and boost real estate prices. So, we recommended this real estate stock to our monthly premium newsletter subscribers. We go through lists like the 10 most profitable companies in the world to pick the best large-cap stocks to buy. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our website. Now we're going to take a glance at the fresh hedge fund action regarding AgeX Therapeutics, Inc. (NYSE:AGE).
Hedge fund activity in AgeX Therapeutics, Inc. (NYSE:AGE)
At third quarter's end, a total of 3 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -50% from the second quarter of 2020. On the other hand, there were a total of 1 hedge funds with a bullish position in AGE a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Of the funds tracked by Insider Monkey, Neal C. Bradsher's Broadwood Capital has the most valuable position in AgeX Therapeutics, Inc. (NYSE:AGE), worth close to $2.4 million, corresponding to 0.2% of its total 13F portfolio. On Broadwood Capital's heels is Millennium Management, led by Israel Englander, holding a $0.2 million position; less than 0.1%% of its 13F portfolio is allocated to the company. In terms of the portfolio weights assigned to each position Broadwood Capital allocated the biggest weight to AgeX Therapeutics, Inc. (NYSE:AGE), around 0.19% of its 13F portfolio. Millennium Management is also relatively very bullish on the stock, setting aside 0.0002 percent of its 13F equity portfolio to AGE.
Due to the fact that AgeX Therapeutics, Inc. (NYSE:AGE) has experienced falling interest from the smart money, we can see that there was a specific group of fund managers who sold off their entire stakes by the end of the third quarter. It's worth mentioning that Donald Sussman's Paloma Partners cut the biggest stake of the 750 funds watched by Insider Monkey, comprising an estimated $0 million in stock, and Karim Abbadi and Edward McBride's Centiva Capital was right behind this move, as the fund sold off about $0 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest was cut by 3 funds by the end of the third quarter.
Let's now review hedge fund activity in other stocks similar to AgeX Therapeutics, Inc. (NYSE:AGE). These stocks are FreightCar America, Inc. (NASDAQ:RAIL), Ossen Innovation Co Ltd (NASDAQ:OSN), Seanergy Maritime Holdings Corp. (NASDAQ:SHIP), Adial Pharmaceuticals, Inc (NASDAQ:ADIL), Patriot Transportation Holding Inc (NASDAQ:PATI), Four Seasons Education (Cayman) Inc. (NYSE:FEDU), and Achieve Life Sciences, Inc. (NASDAQ:ACHV). This group of stocks' market values match AGE's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position RAIL,6,2890,-1 OSN,1,447,0 SHIP,4,2479,2 ADIL,1,207,0 PATI,2,4293,0 FEDU,2,463,-2 ACHV,1,2379,-2 Average,2.4,1880,-0.4 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 2.4 hedge funds with bullish positions and the average amount invested in these stocks was $2 million. That figure was $3 million in AGE's case. FreightCar America, Inc. (NASDAQ:RAIL) is the most popular stock in this table. On the other hand Ossen Innovation Co Ltd (NASDAQ:OSN) is the least popular one with only 1 bullish hedge fund positions. AgeX Therapeutics, Inc. (NYSE:AGE) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for AGE is 37. 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. Our calculations showed that top 20 most popular stocks among hedge funds returned 41.3% in 2019 and outperformed the S&P 500 ETF (SPY) by 10 percentage points. These stocks gained 28.1% in 2020 through November 23rd and still beat the market by 15.4 percentage points. Hedge funds were also right about betting on AGE as the stock returned 119.8% since the end of Q3 (through 11/23) and outperformed the market. Hedge funds were rewarded for their relative bullishness.
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Disclosure: None. This article was originally published at Insider Monkey.
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