Hedge Funds Are Crazy About Cynosure, Inc. (CYNO)

As aggregate interest increased, key hedge funds have jumped into Cynosure, Inc. (NASDAQ:CYNO) headfirst. Archon Capital Management, managed by Constantinos J. Christofilis, initiated the largest position in Cynosure, Inc. (NASDAQ:CYNO). Archon Capital Management had $4.3 million invested in the company at the end of the quarter. Ken Fisher’s Fisher Asset Management also made a $2.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Glenn Russell Dubin’s Highbridge Capital Management, Israel Englander’s Millennium Management, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.

Let’s also examine hedge fund activity in other stocks similar to Cynosure, Inc. (NASDAQ:CYNO). We will take a look at Affymetrix, Inc. (NASDAQ:AFFX), Yadkin Financial Corp (NASDAQ:YDKN), Supernus Pharmaceuticals Inc (NASDAQ:SUPN), and General Communication, Inc. (NASDAQ:GNCMA). This group of stocks’ market caps match CYNO’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 $80 million. That figure was $77 million in CYNO’s case. Affymetrix, Inc. (NASDAQ:AFFX) is the most popular stock in this table. On the other hand Yadkin Financial Corp (NASDAQ:YDKN) is the least popular one with only 10 bullish hedge fund positions. In comparison, Cynosure, Inc. (NASDAQ:CYNO) is not the most popular stock in this group but still has attracted attention from investors. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are collectively most bullish on, such as AFFX in this particular group.