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How Concert Pharmaceuticals Inc (CNCE) Stacks Up Against Its Peers

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A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended September 30, so let’s proceed with the discussion of the hedge fund sentiment on Concert Pharmaceuticals Inc (NASDAQ:CNCE).

Concert Pharmaceuticals Inc (NASDAQ:CNCE) was in 16 hedge funds’ portfolios at the end of the third quarter of 2016. CNCE investors should pay attention to an increase in activity from the world’s largest hedge funds recently. There were 13 hedge funds in our database with CNCE holdings at the end of the previous quarter. At the end of this article we will also compare CNCE to other stocks including Titan Machinery Inc. (NASDAQ:TITN), Utah Medical Products, Inc. (NASDAQ:UTMD), and Merchants Bancshares,Inc. (NASDAQ:MBVT) to get a better sense of its popularity.

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We care about hedge fund sentiment because historically hedge funds’ stock picks delivered strong risk adjusted returns. There are certain segments of the market where hedge funds’ stock picks performed much better than its benchmarks. For instance, the 30 most popular mid-cap stocks among the best performing hedge funds returned 18% over the last 12 months outpacing S&P 500 Index by more than 10 percentage points. We developed this strategy 2.5 years ago and started sharing its picks in our quarterly newsletter. It bested the S&P 500 Index ETFs by delivering a solid 39% vs. 22% gain for its benchmarks.

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What does the smart money think about Concert Pharmaceuticals Inc (NASDAQ:CNCE)?

Heading into the fourth quarter of 2016, a total of 16 of the hedge funds tracked by Insider Monkey were bullish on this stock, an increase of 23% from the second quarter of 2016. On the other hand, there were a total of 9 hedge funds with a bullish position in CNCE at the beginning of this year. So, let’s examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

HedgeFundSentimentChart

According to Insider Monkey’s hedge fund database, Mark Lampert’s Biotechnology Value Fund / BVF Inc has the most valuable position in Concert Pharmaceuticals Inc (NASDAQ:CNCE), worth close to $27.5 million, accounting for 5.2% of its total 13F portfolio. The second largest stake is held by Point72 Asset Management, led by Steve Cohen, which holds a $4.2 million position. Other hedge funds and institutional investors that hold long positions include Renaissance Technologies, one of the largest hedge funds in the world, and Julian Baker and Felix Baker’s Baker Bros. 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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