To many investors, hedge funds are assumed to be bloated, outdated investment tools of a forgotten age. Although there are In excess of 8,000 hedge funds in operation today, Insider Monkey focuses on the leaders of this group, around 525 funds. Analysts calculate that this group has its hands on the lion’s share of the hedge fund industry’s total assets, and by monitoring their highest performing stock picks, we’ve determined a number of investment strategies that have historically beaten the market. Our small-cap hedge fund strategy outstripped the S&P 500 index by 18 percentage points a year for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have topped the S&P 500 index by 33 percentage points in 11 months (find a sample of our picks).
Equally as necessary, positive insider trading activity is a second way to analyze the investments you’re interested in. Obviously, there are lots of stimuli for an insider to downsize shares of his or her company, but just one, very simple reason why they would buy. Several empirical studies have demonstrated the useful potential of this tactic if piggybackers know what to do (learn more here).
Furthermore, we’re going to analyze the latest info about Acorda Therapeutics Inc (NASDAQ:ACOR).
How are hedge funds trading Acorda Therapeutics Inc (NASDAQ:ACOR)?
Heading into Q3, a total of 12 of the hedge funds we track were long in this stock, a change of 20% from the first quarter. With the smart money’s sentiment swirling, there exists a few notable hedge fund managers who were upping their holdings considerably.
When using filings from the hedgies we track, Arthur B Cohen and Joseph Healey’s Healthcor Management LP had the biggest position in Acorda Therapeutics Inc (NASDAQ:ACOR), worth close to $13.3 million, comprising 0.8% of its total 13F portfolio. The second largest stake is held by Steven Cohen of SAC Capital Advisors, with a $8.5 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Remaining hedge funds that are bullish include SAC Subsidiary’s Sigma Capital Management, Israel Englander’s Millennium Management and Ken Griffin’s Citadel Investment Group.
As one would understandably expect, certain bigger names have been driving this bullishness. Healthcor Management LP, managed by Arthur B Cohen and Joseph Healey, established the biggest position in Acorda Therapeutics Inc (NASDAQ:ACOR). Healthcor Management LP had 13.3 million invested in the company at the end of the quarter. Steven Cohen’s SAC Capital Advisors also made a $8.5 million investment in the stock during the quarter. The other funds with new positions in the stock are SAC Subsidiary’s Sigma Capital Management, Israel Englander’s Millennium Management, and Ken Griffin’s Citadel Investment Group.
Insider trading activity in Acorda Therapeutics Inc (NASDAQ:ACOR)
Insider buying made by high-level executives is particularly usable when the company in focus has seen transactions within the past 180 days. Over the latest 180-day time frame, Acorda Therapeutics Inc (NASDAQ:ACOR) has experienced zero unique insiders buying, and zero insider sales (see the details of insider trades here).
We’ll go over the relationship between both of these indicators in other stocks similar to Acorda Therapeutics Inc (NASDAQ:ACOR). These stocks are Synageva BioPharma Corp (NASDAQ:GEVA), Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX), Sarepta Therapeutics Inc (NASDAQ:SRPT), ImmunoGen, Inc. (NASDAQ:IMGN), and Nektar Therapeutics (NASDAQ:NKTR). This group of stocks belong to the biotechnology industry and their market caps resemble ACOR’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Synageva BioPharma Corp (NASDAQ:GEVA) | 8 | 0 | 0 |
| Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) | 4 | 0 | 0 |
| Sarepta Therapeutics Inc (NASDAQ:SRPT) | 15 | 0 | 0 |
| ImmunoGen, Inc. (NASDAQ:IMGN) | 4 | 0 | 0 |
| Nektar Therapeutics (NASDAQ:NKTR) | 10 | 0 | 0 |
Using the results shown by our tactics, average investors should always pay attention to hedge fund and insider trading sentiment, and Acorda Therapeutics Inc (NASDAQ:ACOR) is no exception.
