Sunesis Pharmaceuticals, Inc. (SNSS): Are Hedge Funds Right About This Stock?

Because Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) has witnessed a falling interest from the aggregate hedge fund industry, it’s safe to say that there is a sect of fund managers that elected to cut their full holdings heading into Q4. At the top of the heap, Jacob Gottlieb’s Visium Asset Management dropped the biggest stake of the 700 funds followed by Insider Monkey, worth an estimated $10 million in stock. Dmitry Balyasny’s fund, Balyasny Asset Management, also sold off its stock, about $4.2 million worth of shares. These transactions are intriguing to say the least, as aggregate hedge fund interest was cut by 6 funds heading into Q4.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) but similarly valued. These stocks are Support.com, Inc. (NASDAQ:SPRT), American Superconductor Corporation (NASDAQ:AMSC), Vertex Energy Inc (NASDAQ:VTNR), and Bioline RX Ltd (NASDAQ:BLRX). This group of stocks’ market values resembles Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS)’s market value.

As you can see, these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $6 million. That figure was $18 million in Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS)’s case. Support.com, Inc. (NASDAQ:SPRT) is the most popular stock in this table. On the other hand, American Superconductor Corporation (NASDAQ:AMSC) is the least popular one with only 6 bullish hedge fund positions. Compared to these stocks, Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.