Hedge Funds Aren’t Crazy About Alnylam Pharmaceuticals, Inc. (ALNY) Anymore

Due to the fact that Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) has witnessed bearish sentiment from the aggregate hedge fund industry, logic holds that there is a sect of funds that slashed their positions entirely last quarter. At the top of the heap, Jim Simons’ Renaissance Technologies dumped the largest stake of the “upper crust” of funds watched by Insider Monkey, comprising about $12.3 million in stock, and Jacob Gottlieb’s Visium Asset Management was right behind this move, as the fund dumped about $11.2 million worth of shares. These bearish behaviors are interesting, as total hedge fund interest fell by 6 funds last quarter.

Let’s go over hedge fund activity in other stocks similar to Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY). We will take a look at LG Display Co Ltd. (ADR) (NYSE:LPL), Apollo Global Management LLC (NYSE:APO), SS and C Technologies Holdings Inc (NASDAQ:SSNC), and Qorvo Inc (NASDAQ:QRVO). This group of stocks’ market caps are closest to ALNY’s market cap.

As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $411 million. That figure was $397 million in ALNY’s case. SS and C Technologies Holdings Inc (NASDAQ:SSNC) is the most popular stock in this table. On the other hand LG Display Co Ltd. (ADR) (NYSE:LPL) is the least popular one with only 13 bullish hedge fund positions. Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) 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 SSNC might be a better candidate to consider a long position.