Institutional HoldingsDid anyone notice that BNC has very low institutional ownership compared to its peers? According to the Reuters website today, only 2% of BNC's shares are owned by institutions. Compare this to CUR=21%, AEZ=19% and NPC=26%. One that is quite low like BNC is RVX=7%.
I am suspicious that institutions sold after the conference in Chicago in early June so they wouldn't have to show BNC and others like it on their June quarter-end holdings. I saw the others mentioned above go down in mid-June, primarily on volume selling by Anonymous. Anonymous has stopped selling recently. Maybe Anonymous will buy back in around mid-July when the direction of the S&P500 becomes more clear. Last year, we had the same pattern. BNC sold off in May/2009, then rose again in early July. CUR sold off around the same time in May/2009, but took until late August for the buying to come back.
Does anyone know why institutional ownership is so low in BNC? Is Reuters data incorrect? This is a potential source of upward price pressure in the near future, unrelated to announcements on milestone payments or P3a results.