Are Hedge Funds Dumping Amicus Therapeutics, Inc. (FOLD)?

Due to the fact that Amicus Therapeutics, Inc. (NASDAQ:FOLD) has faced a decline in interest from hedge fund managers, we can see that there were a few hedgies that slashed their positions entirely last quarter. At the top of the heap, Steve Cohen’s Point72 Asset Management dumped the biggest position of the 700 funds tracked by Insider Monkey, totaling close to $13 million in stock. Nick Niell’s fund, Arrowgrass Capital Partners, also sold off its stake, about $8.5 million worth. These moves are important to note, as aggregate hedge fund interest fell by 5 funds last quarter.

Let’s go over hedge fund activity in other stocks similar to Amicus Therapeutics, Inc. (NASDAQ:FOLD). We will take a look at Abengoa Yield PLC (NASDAQ:ABY), International Bancshares Corp (NASDAQ:IBOC), ZS Pharma Inc (NASDAQ:ZSPH), and National Penn Bancshares (NASDAQ:NPBC). This group of stocks’ market valuations resemble FOLD’s market valuation.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $264 million, compared to $631 million in FOLD’s case. ZS Pharma Inc (NASDAQ:ZSPH) is the most popular stock in this table with 20 funds reporting stakes, while International Bancshares Corp (NASDAQ:IBOC) is the least popular one. Compared to these stocks Amicus Therapeutics, Inc. (NASDAQ:FOLD) is more popular among hedge funds, despite the drop in the number of funds with long positions. 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.