Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. It’s worth mentioning that Jean-Marie Eveillard’s First Eagle Investment Management said goodbye to the biggest stake of the “upper crust” of funds studied by Insider Monkey, totaling about $0.4 million in stock. Benjamin A. Smith’s fund, Laurion Capital Management, also cut its stock, about $0.3 million worth.
Let’s also examine hedge fund activity in other stocks similar to Cascadian Therapeutics Inc (USA) (NASDAQ:CASC). We will take a look at Farmers Capital Bank Corp (NASDAQ:FFKT), Verso Corporation (NYSE:VRS), Adaptimmune Therapeutics PLC – ADR (NASDAQ:ADAP), and Daqo New Energy Corp (NYSE:DQ). This group of stocks’ market caps match CASC’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| FFKT | 3 | 33480 | 0 |
| VRS | 17 | 67775 | 17 |
| ADAP | 12 | 33285 | -2 |
| DQ | 6 | 27543 | 2 |
As you can see these stocks had an average of 9.5 hedge funds with bullish positions and the average amount invested in these stocks was $41 million. That figure was $89 million in CASC’s case. Verso Corporation (NYSE:VRS) is the most popular stock in this table. On the other hand Farmers Capital Bank Corp (NASDAQ:FFKT) is the least popular one with only 3 bullish hedge fund positions. Cascadian Therapeutics Inc (USA) (NASDAQ:CASC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard VRS might be a better candidate to consider taking a long position in.
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Disclosure: None
