Is Blueprint Medicines Corp (BPMC) Going to Burn These Hedge Funds?

Due to the fact that Blueprint Medicines Corp (NASDAQ:BPMC) has experienced falling interest from the smart money, logic holds that there exist a select few hedgies who sold off their positions entirely last quarter. Interestingly, Nick Niell’s Arrowgrass Capital Partners dropped the biggest position of the “upper crust” of funds tracked by Insider Monkey, valued at close to $1.1 million in stock, and D. E. Shaw’s D E Shaw was right behind this move, as the fund cut about $0.9 million worth. These moves are interesting, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s check out hedge fund activity in other stocks similar to Blueprint Medicines Corp (NASDAQ:BPMC). These stocks are Silver Bay Realty Trust Corp (NYSE:SBY), MakeMyTrip Limited (NASDAQ:MMYT), Universal American Corporation (NYSE:UAM), and EDENOR S.A. (ADR) (NYSE:EDN). All of these stocks’ market caps match BPMC’s market cap.

As you can see these stocks had an average of 9.75 hedge funds with bullish positions and the average amount invested in these stocks was $85 million. That figure was $153 million in BPMC’s case. Silver Bay Realty Trust Corp (NYSE:SBY) is the most popular stock in this table. On the other hand EDENOR S.A. (ADR) (NYSE:EDN) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Blueprint Medicines Corp (NASDAQ:BPMC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.