Is Inogen Inc (INGN) Going to Burn These Hedge Funds?

As one would reasonably expect, key money managers were leading the bulls’ herd. Driehaus Capital initiated the largest position in Inogen Inc (NASDAQ:INGN). Driehaus Capital had $11.4 million invested in the company at the end of the quarter. Point72 Asset Management also initiated a $10.7 million position during the quarter. The other funds with brand new INGN positions are Brian Ashford-Russell and Tim Woolley’s Polar Capital, Israel Englander’s Millennium Management, and David Costen Haley’s HBK Investments.

Let’s check out hedge fund activity in other stocks similar to Inogen Inc (NASDAQ:INGN). We will take a look at Changyou.Com Ltd (ADR) (NASDAQ:CYOU), NetGear, Inc. (NASDAQ:NTGR), Encore Capital Group, Inc. (NASDAQ:ECPG), and Inphi Corporation (NYSE:IPHI). This group of stocks’ market caps is closest to Inogen Inc (NASDAQ:INGN)’s market cap.

As you can see, these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $66 million. That figure was $90 million in Inogen Inc (NASDAQ:INGN)’s case. NetGear, Inc. (NASDAQ:NTGR) is the most popular stock in this table. On the other hand, Changyou.Com Ltd (ADR) (NASDAQ:CYOU) is the least popular one with only 9 bullish hedge fund positions. Inogen Inc (NASDAQ:INGN) 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, NetGear, Inc. (NASDAQ:NTGR) might be a better candidate to consider a long position.