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Hedge Funds Are Dumping Ultragenyx Pharmaceutical Inc (RARE)

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We have been waiting for this for a year and finally the third quarter ended up showing a nice bump in the performance of small-cap stocks. Both the S&P 500 and Russell 2000 were up since the end of the second quarter, but small-cap stocks outperformed the large-cap stocks by double digits. This is important for hedge funds, which are big supporters of small-cap stocks, because their investors started pulling some of their capital out due to poor recent performance. It is very likely that equity hedge funds will deliver better risk adjusted returns in the second half of this year. In this article we are going to look at how this recent market trend affected the sentiment of hedge funds towards Ultragenyx Pharmaceutical Inc (NASDAQ:RARE) , and what that likely means for the prospects of the company and its stock.

Ultragenyx Pharmaceutical Inc (NASDAQ:RARE) investors should pay attention to a decrease in hedge fund sentiment in recent months. There were 19 hedge funds in our database with RARE positions at the end of the previous quarter. At the end of this article we will also compare RARE to other stocks including Urban Edge Properties (NYSE:UE), PIMCO Dynamic Credit Income Fund (NYSE:PCI), and Metals USA Holdings Corp (NYSE:MUSA) to get a better sense of its popularity.

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Hedge fund activity in Ultragenyx Pharmaceutical Inc (NASDAQ:RARE)

At Q3’s end, a total of 18 of the hedge funds tracked by Insider Monkey held long positions in this stock, a drop of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards RARE over the last 5 quarters. So, let’s examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

HedgeFundSentimentChart

Of the funds tracked by Insider Monkey, Phill Gross and Robert Atchinson’s Adage Capital Management holds the number one position in Ultragenyx Pharmaceutical Inc (NASDAQ:RARE), having a $48.1 million invested in the stock. Coming in second is Brian Ashford-Russell and Tim Woolley of Polar Capital, with a $17.1 million position. Some other peers with similar optimism comprise Matthew A. Weatherbie’s Weatherbie Capital, Stuart Weisbrod’s Iguana Healthcare Management and Samuel Isaly’s OrbiMed Advisors. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.

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