What Are Institutions Doing This Week? 2/1/2024

Post date: 2024-02-01 16:00:50 GMT

Weekly Institutional and HFT Picks Analysis

Last week, AbleMarkets reported that the top institutional buy picks were 1) Kellanova (K), 2) Northrim BanCorp, Inc. (NRIM), and 3) Dawson Geophysical Company (DWSN). And did those picks deliver! Kellanova has risen 2.1% from $53.47 (close on 1/24/24) to $54.60 (close on 1/31/24), Northrim BanCorp went up 2.6% from $52.89 on 1/24/24 to $54.27 as of 1/30/24 before dropping yesterday to $50.53, and Dawson shot up 8.1% from $1.61 on 1/24/24 to $1.74 as of last night. At the same time, the institutional shorts identified by AbleMarkets underperformed the market: CorEnergy Infrastructure Trust, Inc. (CORR) went down 3.6% from $0.28 to $0.27, iShares Asia/Pacific Dividend ETF (DVYA) went from $35.53 to $35.51, and SeaChange International, Inc. (SEAC) stayed flat at $2.75 until yesterday afternoon. A 1-week arb portfolio equally-weighing buying winners and selling losers netted a solid 3% return. Not a bad work for 1 week, when the S&P 500 ETF declined 0.5% from 485.39 to 482.88 over the same time period.

And the HFT pharma arbitrage we noted last week did not work out too bad either: going long Myriad Genetics, Inc. (MYGN) and Day One Biopharmaceuticals, Inc. (DAWN) brought in a nice +4.4% for MYGN ($21.56 close on 1/24/24 to $22.51 close on 1/30/24) and 10.9% for DAWN (from $13.56 on 1/24/24 to $15.05 on 1/31/24). At the same time, shorting Deciphera Pharmaceuticals, Inc. (DCPH) and AnaptysBio, Inc. (ANAB) resulted in -0.7% for DCPH (from $14.13 to $14.23) and +0.4% for ANAB (from $23.68 to $23.59). The total equally-weighted arb rang in at +7% for these four stocks! In addition, we reported that HFTs went long on Ingersoll-Rand, Inc. (IR) and shorted Expedia Group, Inc. (EXPE), rounding their positions with a +1.3% gain on IR (from $78.84 to $79.86) and -0.1% on EXPE (from $148.57 to $148.33) for an overall weekly gain of 7.4%. How was your week? ;)

Moving on to the current week beginning January 29, 2024, AbleMarkets estimated the top net institutional buy flows for Transcat Inc. (TRNS), Weyco Group, Inc. (WEYS) and Atea Pharmaceuticals Inc. (AVIR), while institutions top net sell picks were First Trust China AlphaDEX Fund (FCA), Calithera Biosciences Inc. (CALA) and Eastern Company (EML).

For the HFTs, the top weekly buys were WesBanco Inc. (WSBC), NanoViricides Inc. (NNVC) and Consolidated Edison, Inc. (ED). At the same time, the top short picks were Simmons First National Corp. (SFNC), American Express Company (AXP) and Xperi Inc. (XPER).

Keep in mind that these predictions are based on historical analytics and market data, and there is no guarantee that they will play out as anticipated. Always conduct your own research and consult with a financial advisor before making investment decisions.

Disclaimer: This report is for informational purposes only and should not be considered as financial advice. The author and AbleMarkets are not responsible for any investment decisions made based on this report.