We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think of Tyme Technologies, Inc. (NASDAQ:TYME) based on that data.
Tyme Technologies, Inc. (NASDAQ:TYME) has experienced an increase in activity from the world's largest hedge funds of late. Our calculations also showed that TYME isn't among the 30 most popular stocks among hedge funds (click for Q1 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.
In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's monthly stock picks returned 87% since March 2017 and outperformed the S&P 500 ETFs by more than 51 percentage points. Our short strategy outperformed the S&P 500 short ETFs by 20 percentage points annually (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.
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Louis Bacon Moore of Moore Capital[/caption]
At Insider Monkey we leave no stone unturned when looking for the next great investment idea. For example, 2020's unprecedented market conditions provide us with the highest number of trading opportunities in a decade. So we are checking out stocks recommended/dissed by legendary Bill Miller. We interview hedge fund managers and ask them about their best ideas. If you want to find out the best healthcare stock to buy right now, you can watch our latest hedge fund manager interview here. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. Our best call in 2020 was shorting the market when the S&P 500 was trading at 3150 after realizing the coronavirus pandemic’s significance before most investors. Keeping this in mind let's view the fresh hedge fund action regarding Tyme Technologies, Inc. (NASDAQ:TYME).
What have hedge funds been doing with Tyme Technologies, Inc. (NASDAQ:TYME)?
At the end of the first quarter, a total of 4 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 33% from the fourth quarter of 2019. The graph below displays the number of hedge funds with bullish position in TYME over the last 18 quarters. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Healthcare Value Capital, managed by Joe Riccardo, holds the most valuable position in Tyme Technologies, Inc. (NASDAQ:TYME). Healthcare Value Capital has a $2.4 million position in the stock, comprising 4% of its 13F portfolio. The second largest stake is held by Louis Bacon of Moore Global Investments, with a $0.2 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Some other peers that hold long positions encompass Ken Griffin's Citadel Investment Group, Israel Englander's Millennium Management and Ken Griffin's Citadel Investment Group. In terms of the portfolio weights assigned to each position Healthcare Value Capital allocated the biggest weight to Tyme Technologies, Inc. (NASDAQ:TYME), around 4.03% of its 13F portfolio. Moore Global Investments is also relatively very bullish on the stock, designating 0.01 percent of its 13F equity portfolio to TYME.
As industrywide interest jumped, some big names were leading the bulls' herd. Citadel Investment Group, managed by Ken Griffin, initiated the biggest position in Tyme Technologies, Inc. (NASDAQ:TYME). Citadel Investment Group had $0.1 million invested in the company at the end of the quarter. Israel Englander's Millennium Management also initiated a $0 million position during the quarter.
Let's now take a look at hedge fund activity in other stocks similar to Tyme Technologies, Inc. (NASDAQ:TYME). We will take a look at Lumber Liquidators Holdings Inc (NYSE:LL), Americas Gold and Silver Corporation (NYSE:USAS), Protara Therapeutics, Inc. (NASDAQ:TARA), and Sify Technologies Limited (NASDAQ:SIFY). This group of stocks' market values are closest to TYME's market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position LL,11,13695,-2 USAS,8,4402,3 TARA,10,79858,4 SIFY,1,408,-1 Average,7.5,24591,1 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 7.5 hedge funds with bullish positions and the average amount invested in these stocks was $25 million. That figure was $3 million in TYME's case. Lumber Liquidators Holdings Inc (NYSE:LL) is the most popular stock in this table. On the other hand Sify Technologies Limited (NASDAQ:SIFY) is the least popular one with only 1 bullish hedge fund positions. Tyme Technologies, Inc. (NASDAQ:TYME) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed that top 10 most popular stocks among hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks gained 8.3% in 2020 through the end of May and still beat the market by 13.2 percentage points. A small number of hedge funds were also right about betting on TYME as the stock returned 40% during the second quarter and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published at Insider Monkey.