Hedge Funds Are Buying Akorn, Inc. (AKRX)

As industrywide interest jumped, key money managers were breaking ground themselves. Sachem Head Capital, assembled the most valuable position in Akorn, Inc. (NASDAQ:AKRX). Bart Baum’s Ionic Capital Management also made a $12.5 million investment in the stock during the quarter. The other funds with brand new AKRX positions are Matthew Mark’s Jet Capital Investors, Jim Simons’ Renaissance Technologies, and Peter Muller’s PDT Partners.

Let’s also examine hedge fund activity in other stocks similar to Akorn, Inc. (NASDAQ:AKRX). We will take a look at Cepheid (NASDAQ:CPHD), IDACORP Inc (NYSE:IDA), Apple Hospitality REIT Inc (NYSE:APLE), and Post Holdings Inc (NYSE:POST). All of these stocks’ market caps match AKRX’s market cap.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $491 million, close to the $439 million in AKRX’s case. Post Holdings Inc (NYSE:POST) is the most popular stock in this table with a total of 41 funds reporting long positions. On the other hand Apple Hospitality REIT Inc (NYSE:APLE) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Akorn, Inc. (NASDAQ:AKRX) is more popular among hedge funds. 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.