Forest Laboratories, Inc. (NYSE:FRX) was in 35 hedge funds’ portfolio at the end of March. FRX investors should pay attention to an increase in enthusiasm from smart money lately. There were 30 hedge funds in our database with FRX holdings at the end of the previous quarter.
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Now, it’s important to take a peek at the recent action regarding Forest Laboratories, Inc. (NYSE:FRX).
What have hedge funds been doing with Forest Laboratories, Inc. (NYSE:FRX)?
In preparation for this quarter, a total of 35 of the hedge funds we track held long positions in this stock, a change of 17% from one quarter earlier. With hedgies’ sentiment swirling, there exists a select group of key hedge fund managers who were boosting their stakes significantly.
Of the funds we track, Icahn Capital LP, managed by Carl Icahn, holds the largest position in Forest Laboratories, Inc. (NYSE:FRX). Icahn Capital LP has a $1.1664 billion position in the stock, comprising 6.9% of its 13F portfolio. Sitting at the No. 2 spot is Arrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, which held a $121.8 million position; 1% of its 13F portfolio is allocated to the company. Other hedgies with similar optimism include Sean Cullinan’s Point State Capital, Israel Englander’s Millennium Management and Phill Gross and Robert Atchinson’s Adage Capital Management.
As aggregate interest increased, some big names have jumped into Forest Laboratories, Inc. (NYSE:FRX) headfirst. Apex Capital, managed by Sanford J. Colen, assembled the biggest position in Forest Laboratories, Inc. (NYSE:FRX). Apex Capital had 19 million invested in the company at the end of the quarter. Anand Parekh’s Alyeska Investment Group also initiated a $16.3 million position during the quarter. The other funds with brand new FRX positions are Louis Bacon’s Moore Global Investments, Michael Novogratz’s Fortress Investment Group, and Michael Novogratz’s Fortress Investment Group.
What do corporate executives and insiders think about Forest Laboratories, Inc. (NYSE:FRX)?
Insider purchases made by high-level executives is most useful when the company in focus has experienced transactions within the past half-year. Over the latest six-month time frame, Forest Laboratories, Inc. (NYSE:FRX) has seen zero unique insiders purchasing, and 6 insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Forest Laboratories, Inc. (NYSE:FRX). These stocks are Allergan, Inc. (NYSE:AGN), Warner Chilcott Plc (NASDAQ:WCRX), Endo Health Solutions Inc (NASDAQ:ENDP), Dr. Reddy’s Laboratories Limited (ADR) (NYSE:RDY), and Pharmacyclics, Inc. (NASDAQ:PCYC). All of these stocks are in the drug manufacturers – other industry and their market caps match FRX’s market cap.