The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 821 13F filings submitted by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of March 31st, 2020. What do these smart investors think about SI-BONE, Inc. (NASDAQ:SIBN)?
Is SI-BONE, Inc. (NASDAQ:SIBN) a safe stock to buy now? The best stock pickers are taking a bullish view. The number of bullish hedge fund bets went up by 12 lately. Our calculations also showed that SIBN isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings and see the video for a quick look at the top 5 stocks).
Video: Watch our video about the top 5 most popular hedge fund stocks.
In the 21st century investor’s toolkit there are numerous gauges market participants use to value their holdings. A duo of the most useful gauges are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the elite investment managers can trounce their index-focused peers by a very impressive margin (see the details here).
Samuel Isaly of OrbiMed Advisors
We leave no stone unturned when looking for the next great investment idea. For example Europe is set to become the world’s largest cannabis market, so we check out this European marijuana stock pitch. We interview hedge fund managers and ask them about their best ideas. If you want to find out the best healthcare stock to buy right now, you can watch our latest hedge fund manager interview here. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. Our best call in 2020 was shorting the market when the S&P 500 was trading at 3150 after realizing the coronavirus pandemic’s significance before most investors. With all of this in mind let’s analyze the new hedge fund action regarding SI-BONE, Inc. (NASDAQ:SIBN).
What have hedge funds been doing with SI-BONE, Inc. (NASDAQ:SIBN)?
At Q1’s end, a total of 19 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 171% from one quarter earlier. On the other hand, there were a total of 5 hedge funds with a bullish position in SIBN a year ago. So, let’s find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, OrbiMed Advisors, managed by Samuel Isaly, holds the number one position in SI-BONE, Inc. (NASDAQ:SIBN). OrbiMed Advisors has a $16.5 million position in the stock, comprising 0.3% of its 13F portfolio. The second most bullish fund manager is Endurant Capital Management, led by Vishal Saluja and Pham Quang, holding a $15.8 million position; 7.2% of its 13F portfolio is allocated to the stock. Some other hedge funds and institutional investors that are bullish comprise Richard Driehaus’s Driehaus Capital, Israel Englander’s Millennium Management and Efrem Kamen’s Pura Vida Investments. In terms of the portfolio weights assigned to each position Endurant Capital Management allocated the biggest weight to SI-BONE, Inc. (NASDAQ:SIBN), around 7.16% of its 13F portfolio. Pura Vida Investments is also relatively very bullish on the stock, setting aside 1.57 percent of its 13F equity portfolio to SIBN.
As aggregate interest increased, specific money managers have jumped into SI-BONE, Inc. (NASDAQ:SIBN) headfirst. OrbiMed Advisors, managed by Samuel Isaly, assembled the biggest position in SI-BONE, Inc. (NASDAQ:SIBN). OrbiMed Advisors had $16.5 million invested in the company at the end of the quarter. Efrem Kamen’s Pura Vida Investments also initiated a $6.2 million position during the quarter. The other funds with brand new SIBN positions are Justin John Ferayorni’s Tamarack Capital Management, Ian Simm’s Impax Asset Management, and Benjamin A. Smith’s Laurion Capital Management.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as SI-BONE, Inc. (NASDAQ:SIBN) but similarly valued. These stocks are Voyager Therapeutics, Inc. (NASDAQ:VYGR), Triple-S Management Corp.(NYSE:GTS), Century Bancorp, Inc. (NASDAQ:CNBKA), and Amalgamated Bank (NASDAQ:AMAL). This group of stocks’ market caps match SIBN’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| VYGR | 15 | 50333 | -5 |
| GTS | 11 | 94868 | -7 |
| CNBKA | 4 | 13897 | -1 |
| AMAL | 12 | 27523 | 2 |
| Average | 10.5 | 46655 | -2.75 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 10.5 hedge funds with bullish positions and the average amount invested in these stocks was $47 million. That figure was $78 million in SIBN’s case. Voyager Therapeutics, Inc. (NASDAQ:VYGR) is the most popular stock in this table. On the other hand Century Bancorp, Inc. (NASDAQ:CNBKA) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks SI-BONE, Inc. (NASDAQ:SIBN) is more popular among hedge funds. Our calculations showed that top 10 most popular stocks among hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks returned 13.4% in 2020 through June 22nd but still managed to beat the market by 15.9 percentage points. Hedge funds were also right about betting on SIBN as the stock returned 42.2% so far in Q2 (through June 22nd) and outperformed the market by an even larger margin. Hedge funds were clearly right about piling into this stock relative to other stocks with similar market capitalizations.
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Disclosure: None. This article was originally published at Insider Monkey.
