As aggregate interest increased, key money managers were breaking ground themselves. Point State Capital, led by Zach Schreiber, established the largest position in Prothena Corporation PLC (NASDAQ:PRTA). Point State Capital had $21 million invested in the company at the end of the quarter. Principal Global Investors’ Columbus Circle Investors also initiated a $7.9 million position during the quarter. The following funds were also among the new PRTA investors: Ken Griffin’s Citadel Investment Group, James A. Silverman’s Opaleye Management, and Hal Mintz’s Sabby Capital.
Let’s go over hedge fund activity in other stocks similar to Prothena Corporation PLC (NASDAQ:PRTA). These stocks are Depomed Inc (NASDAQ:DEPO), EXACT Sciences Corporation (NASDAQ:EXAS), Popeyes Louisiana Kitchen Inc (NASDAQ:PLKI), and M.D.C. Holdings, Inc. (NYSE:MDC). All of these stocks’ market caps are similar to PRTA’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| DEPO | 18 | 411369 | -5 |
| EXAS | 31 | 251102 | 15 |
| PLKI | 12 | 87374 | 0 |
| MDC | 11 | 62421 | -1 |
As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $203 million. That figure was $786 million in PRTA’s case. EXACT Sciences Corporation (NASDAQ:EXAS) is the most popular stock in this table. On the other hand M.D.C. Holdings, Inc. (NYSE:MDC) is the least popular one with only 11 bullish hedge fund positions. Prothena Corporation PLC (NASDAQ:PRTA) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard EXAS might be a better candidate to consider taking a long position in.
Disclosure: None
