Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN)
was in 15 hedge funds' portfolio at the end of the first quarter of 2013. ENZN has experienced an increase in hedge fund sentiment lately. There were 10 hedge funds in our database with ENZN holdings at the end of the previous quarter.
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Equally as important, bullish insider trading activity is another way to break down the stock market universe. There are plenty of reasons for an executive to drop shares of his or her company, but just one, very obvious reason why they would initiate a purchase. Various empirical studies have demonstrated the impressive potential of this tactic if shareholders understand where to look (learn more here
Now, it's important to take a glance at the recent action regarding Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN
What does the smart money think about Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN)?
At the end of the first quarter, a total of 15 of the hedge funds we track were bullish in this stock, a change of 50% from the first quarter. With the smart money's sentiment swirling, there exists an "upper tier" of key hedge fund managers who were upping their holdings meaningfully.
According to our comprehensive database, Seth Klarman's Baupost Group
had the largest position in Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN), worth close to $29.2 million, accounting for 0.9% of its total 13F portfolio. The second largest stake is held by Carl Icahn of Icahn Capital LP
, with a $22.4 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Some other hedgies with similar optimism include Jim Simons's Renaissance Technologies
, Michael Price's MFP Investors
and Howard Guberman's Gruss Asset Management
As aggregate interest increased, specific money managers were leading the bulls' herd. Gruss Asset Management
, managed by Howard Guberman, initiated the largest position in Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN). Gruss Asset Management had 1.7 million invested in the company at the end of the quarter. Robert Rodriguez and Steven Romick's First Pacific Advisors LLC
also initiated a $1.4 million position during the quarter. The following funds were also among the new ENZN investors: Jay Petschek and Steven Major's Corsair Capital Management
, Ken Griffin's Citadel Investment Group
, and Ben Levine, Andrew Manuel and Stefan Renold's LMR Partners
What have insiders been doing with Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN)?
Bullish insider trading is best served when the primary stock in question has seen transactions within the past six months. Over the last half-year time frame, Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN) has experienced zero unique insiders buying, and zero insider sales (see the details of insider trades here
Let's also take a look at hedge fund and insider activity in other stocks similar to Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN). These stocks are Cempra Inc (NASDAQ:CEMP
), Cytokinetics, Inc. (NASDAQ:CYTK
), ShangPharma Corp (ADR) (NYSE:SHP
), Durata Therapeutics Inc (NASDAQ:DRTX
), and OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI
). This group of stocks are the members of the biotechnology industry and their market caps resemble ENZN's market cap.