HCM Acquisition (NASDAQ:HCMA) Trading Up 0.2% - Here's Why

Key Points

• HCM Acquisition (NASDAQ:HCMA) traded up 0.2% to $10.12 mid-day, with just 18,211 shares changing hands — roughly a 65% drop from its average session volume of 51,795.
• Weiss Ratings reaffirmed a Sell (e) rating on the stock, and MarketBeat shows the consensus rating as Sell (based on one analyst).
• HCM is a healthcare-focused SPAC sponsored by Healthcare Capital Management that holds IPO proceeds in trust pending a business combination, and about 11.79% of the shares are owned by institutional investors who have recently taken small positions.

HCM Acquisition Corp (NASDAQ:HCMA - Get Free Report)'s share price shot up 0.2% during mid-day trading on Tuesday . The stock traded as high as $10.12 and last traded at $10.12. 18,211 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 51,795 shares. The stock had previously closed at $10.10.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "sell (e)" rating on shares of HCM Acquisition in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of "Sell".

HCM Acquisition Trading Up 0.2%

The company's 50-day moving average is $10.13 and its 200 day moving average is $10.15.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. PenderFund Capital Management Ltd. acquired a new position in HCM Acquisition in the 4th quarter valued at $72,000. Fort Baker Capital Management LP acquired a new position in shares of HCM Acquisition in the third quarter valued at approximately $101,000. DLD Asset Management LP acquired a new position in shares of HCM Acquisition in the third quarter valued at approximately $104,000. ABC Arbitrage SA acquired a new position in HCM Acquisition during the 4th quarter worth approximately $201,000. Finally, Millennium Management LLC acquired a new position in HCM Acquisition during the 3rd quarter worth approximately $202,000. 11.79% of the stock is owned by hedge funds and other institutional investors.

HCM Acquisition Company Profile

HCM Acquisition Corp. is a Delaware‐incorporated special purpose acquisition company (SPAC) that was formed to identify and complete a business combination with one or more target businesses. The company raised capital through its initial public offering and is listed on the Nasdaq under the ticker HCMA. As a blank check vehicle, HCM Acquisition holds its funds in trust until it consummates a qualifying merger, share exchange, asset acquisition or other business combination.

The SPAC is sponsored by affiliates of Healthcare Capital Management LLC, a Los Angeles‐based investment firm with experience in healthcare and life sciences investing.

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