Hedge Funds Stung By Plunging Vitae Pharmaceuticals Inc (VTAE)

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Hedge fund activity in Vitae Pharmaceuticals Inc (NASDAQ:VTAE)

As mentioned earlier, the number of hedge funds tracked by Insider Monkey who had long positions on Vitae Pharmaceuticals Inc by the end of the first quarter increased 125% from one quarter earlier. When looking at the hedgies followed by Insider Monkey, Mark Lampert‘s Biotechnology Value Fund / BVF Inc had the number one position in Vitae Pharmaceuticals Inc (NASDAQ:VTAE), worth close to $18.5 million, accounting for 3.9% of its total 13F portfolio. The second-most bullish hedge fund manager is Adage Capital Management, managed by Phill Gross and Robert Atchinson, which held a $4.7 million position; the fund has less than 0.1% of its 13F portfolio invested in the stock. Other hedge funds that hold long positions contain Steve Cohen’s Point72 Asset Management, Ken Greenberg and David Kim’s Ghost Tree Capital, and Julian Baker and Felix Baker’s Baker Bros. Advisors.

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Specific money managers were breaking ground themselves. Adage Capital Management, managed by Phill Gross and Robert Atchinson, initiated the most outsized new position in Vitae Pharmaceuticals Inc (NASDAQ:VTAE). Adage Capital Management had $4.7 million invested in the company at the end of the first quarter. Steve Cohen’s Point72 Asset Management also made a $4.3 million investment in the stock during the quarter. The other funds with new positions in the stock are the aforementioned Ghost Tree Capital, and Baker Bros. Advisors, as well as Anand Parekh’s Alyeska Investment Group.

It should be noted, however, that the future does not look too bright for Vitae Pharmaceuticals Inc, particularly regarding its drug VTP-34072 which has failed to reach its goal as an add-on drug to treat Type 2 diabetes. The drug would have to have stunning results as a solitary treatment if it ever has hopes of turning its fate around, a Reuters report notes. Because of this, we would not recommend going long in Vitae Pharmaceuticals Inc (NASDAQ:VTAE).

Disclosure: None

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