This is the video recording of the April 24, 2024, Hot Corner Insider Weekly Strategy Session.
Atlas Venture Buys 17,857 KRRO Shares
From the Desk of Steve Strazza and Alfonso Depablos
The most significant insider transaction on today’s list is a Form 4 filing by Atlas Venture Opportunity Fund.
The hedge fund reported the acquisition of 17,857 shares of Korro Bio Inc $KRRO, equivalent to roughly $1 million.
Cormorant Reports a $10.4 Million EYPT Purchase
From the Desk of Steve Strazza and Alfonso Depablos
The most significant insider transaction on today’s list is a Form 4 filing by Cormorant Asset Management LP.
The hedge fund reported a purchase of $10.4 million in EyePoint Pharmaceuticals Inc $EYPT.
The Minor Leaguers (04-22-2024)
From the Desk of Steve Strazza @Sstrazza
Welcome to The Minor Leaguers.
We’ve had some great trades come out of this small-cap-focused column since we launched it back in 2020 and started rotating it with our flagship bottom-up scan, Under the Hood.
For the first year or so, we focused only on Russell 2000 stocks with a market cap between $1 and $2B.
That was fun, but we wanted to branch out a bit and allow some new stocks to find their way onto our list.
We expanded our universe to include some mid-caps.
To make the cut for our Minor Leaguers list now, a company must have a market cap between $1 and $4B.
And it doesn’t have to be a Russell component — it can be any US-listed equity. With participation expanding around the globe, we want all those ADRs in our universe.
The same price and liquidity filters are applied. Then, as always, we sort by proximity to new highs in order to focus on the best players.
The goal is to catch the strongest names while they’re small and have serious upside potential. If any of these stocks ever climb the ranks to the big leagues, the returns could be huge.
We’re looking at up to 10x moves just to break into large-cap land!
Let’s dive into this week’s report and see what’s happening in some of the hottest stocks in the Minor Leagues.
Farhad Nanji Reports a $24 Million RXO Buy
From the Desk of Steve Strazza and Alfonso Depablos
The most significant insider transaction on today’s list is a Form 4 filing by Farhad A. Nanji, founder of MFN Partners Management LP.
Nanji reported an additional purchase of $24 million in RXO Inc $RXO.
Failed Breakouts Everywhere
From the Desk of Alfonso Depablos @AlfCharts
2024 is far from being like 2023.
While we’ve experienced some healthy sector rotation, the first quarter was characterized by waning momentum.
With these long-standing momentum divergences in place, so far, the second quarter has been characterized by selling pressure.
Since last week, we’ve seen an increasing number of these divergences confirmed by price.
Making matters worse is where this downside is taking place. We’re also seeing a growing list of indexes and sectors lose key former highs.
Until the bulls can reclaim these polarity zones, markets will remain messy.
Let’s talk about some of them.
The Hall of Famers (04-19-2024)
From the desk of Steve Strazza @Sstrazza
Our Hall of Famers list is composed of the 150 largest US-based stocks.
These stocks range from the mega-cap growth behemoths like Apple and Microsoft – with market caps in excess of $2T – to some of the new-age large-cap disruptors such as Moderna, Square, and Snap.
It has all the big names and more.
It doesn’t include ADRs or any stock not domiciled in the US. But don’t worry; we developed a separate universe for that. Click here to check it out.
The Hall of Famers is simple.
We take our list of 150 names and then apply our technical filters so the strongest stocks with the most momentum rise to the top.
Let’s dive right in and check out what these big boys are up to.
Baker Bros Boosts Its BCYC Stake to 19.90%
From the Desk of Steve Strazza and Alfonso Depablos
The most significant transaction on today’s list is a 13D filing by Baker Bros Advisors LLC for Bicycle Therapeutics plc $BCYC.
Baker Bros revealed an increase in its ownership stake in BCYC from 12.70% to 19.90%.
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