Fortress Biotech Inc (FBIO)Hedge Funds Are Snapping Up

As one would reasonably expect, key hedge funds have jumped into Fortress Biotech Inc (NASDAQ:FBIO) headfirst. Millennium Management, managed by Israel Englander, established a position in Fortress Biotech Inc (NASDAQ:FBIO). Millennium Management had $0 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $0 million position during the quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Fortress Biotech Inc (NASDAQ:FBIO). These stocks are Independence Contract Drilling Inc (NYSE:ICD), Derma Sciences Inc (NASDAQ:DSCI), Commercial Vehicle Group, Inc. (NASDAQ:CVGI), and Golden Entertainment Inc (NASDAQ:GDEN). This group of stocks’ market valuations are closest to FBIO’s market valuation.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $29 million. That figure was $11 million in FBIO’s case. Derma Sciences Inc (NASDAQ:DSCI) is the most popular stock in this table. On the other hand Independence Contract Drilling Inc (NYSE:ICD) is the least popular one with only 5 bullish hedge fund positions. Fortress Biotech Inc (NASDAQ:FBIO) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal, and we’d rather spend our time researching stocks that hedge funds hedge funds are collectively the fondest of. In this case DSCI might be a better alternative.