Here is What Hedge Funds Think About IDEXX Laboratories, Inc. (IDXX)

Seeing as IDEXX Laboratories, Inc. (NASDAQ:IDXX) has witnessed a declination in interest from the entirety of the hedge funds we track, logic holds that there lies a certain “tier” of hedge funds that slashed their full holdings by the end of the third quarter. At the top of the heap, Greg Poole’s Echo Street Capital Management dumped the largest stake of the 700 funds monitored by Insider Monkey, valued at close to $5.7 million in stock. Israel Englander’s fund, Catapult Capital Management, also dropped its stock, about $4.8 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest dropped by 2 funds by the end of the third quarter.

Let’s check out hedge fund activity in other stocks similar to IDEXX Laboratories, Inc. (NASDAQ:IDXX). We will take a look at KT Corporation (ADR) (NYSE:KT), Ashland Inc. (NYSE:ASH), Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), and LG Display Co Ltd. (ADR) (NYSE:LPL). This group of stocks’ market values resemble IDXX’s market value.

As you can see these stocks had an average of 21.25 hedge funds with bullish positions and the average amount invested in these stocks was $281 million. That figure was $697 million in IDXX’s case. Ashland Inc. (NYSE:ASH) is the most popular stock in this table. On the other hand KT Corporation (ADR) (NYSE:KT) is the least popular one with only 9 bullish hedge fund positions. IDEXX Laboratories, Inc. (NASDAQ:IDXX) 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 ASH might be a better candidate to consider a long position.