Hedge Funds Are Dumping Cascadian Therapeutics Inc (USA) (CASC)

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. It’s worth mentioning that Jean-Marie Eveillard’s First Eagle Investment Management said goodbye to the biggest stake of the “upper crust” of funds studied by Insider Monkey, totaling about $0.4 million in stock. Benjamin A. Smith’s fund, Laurion Capital Management, also cut its stock, about $0.3 million worth.

Let’s also examine hedge fund activity in other stocks similar to Cascadian Therapeutics Inc (USA) (NASDAQ:CASC). We will take a look at Farmers Capital Bank Corp (NASDAQ:FFKT), Verso Corporation (NYSE:VRS), Adaptimmune Therapeutics PLC – ADR (NASDAQ:ADAP), and Daqo New Energy Corp (NYSE:DQ). This group of stocks’ market caps match CASC’s market cap.

As you can see these stocks had an average of 9.5 hedge funds with bullish positions and the average amount invested in these stocks was $41 million. That figure was $89 million in CASC’s case. Verso Corporation (NYSE:VRS) is the most popular stock in this table. On the other hand Farmers Capital Bank Corp (NASDAQ:FFKT) is the least popular one with only 3 bullish hedge fund positions. Cascadian Therapeutics Inc (USA) (NASDAQ:CASC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard VRS might be a better candidate to consider taking a long position in.

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