Even though passive “hedgies” do not benefit from the same amount of coverage as their activist peers, their moves should also be watched closely. In a 13G filing with the SEC, Kevin Kotler‘s hedge fund, Broadfin Capital, disclosed ownership of 1.3 million shares of CAS Medical Systems Inc (NASDAQ:CASM), which means that the hedge fund boosted its position in the company by almost 1.1 million shares. At the current price of the company’s stock, the 6.9% position held by Broadfin is worth $1.8 million.
This big move is interesting, because the previous 13F filings of Kevin Kotler’s hedge fund showed that Broadfin was mostly reducing its stake in CAS Medical since the first purchase made in the middle of 2011, when the hedge fund initiated its position by acquiring around 40,800 shares. However, a year later, the hedge fund upped the stake by almost 400%, and with the recent buy, Broadfin solidifies its position as one of the largest shareholders of the company.
In addition to Broadfin, some other hedge funds have been bullish according to Insider Monkey’s database of 13F filings. As follows, Ken Griffin’s Citadel Investment Group and Jim Simons’ Renaissance Technologies also disclosed ownership of CAS Medical Systems Inc (NASDAQ:CASM) shares last quarter, although both were insignificant in comparison to Broadfin Capital’s position.