Is Bristol Myers Squibb Co. (BMY) Going to Burn These Hedge Funds?

How are hedge funds trading Bristol Myers Squibb Co. (NYSE:BMY)?

Heading into 2016, a total of 59 of the hedge funds tracked by Insider Monkey were long this stock, a decline of 5% from the previous quarter. With hedge funds’ sentiment swirling, there exists a few notable hedge fund managers who were increasing their holdings substantially (or had already accumulated large positions).

According to Insider Monkey’s hedge fund database, OrbiMed Advisors, managed by Samuel Isaly, holds the number one position in Bristol Myers Squibb Co. (NYSE:BMY). OrbiMed Advisors has a $577.5 million position in the stock, comprising 5.2% of its 13F portfolio. Coming in second is Adage Capital Management, managed by Phill Gross and Robert Atchinson, which holds a $385.9 million position; the fund has 1% of its 13F portfolio invested in the stock. Some other peers that are bullish contain Ken Griffin’s Citadel Investment Group, Donald Chiboucis’ Columbus Circle Investors, and Christopher Medlock James’ Partner Fund Management.

Judging by the fact that Bristol Myers Squibb Co. (NYSE:BMY) has experienced bearish sentiment from the entirety of the hedge funds we track, it’s safe to say that there exists a select few fund managers that decided to sell off their entire stakes last quarter. At the top of the heap, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital cut the biggest stake of the 700 funds tracked by Insider Monkey, valued at an estimated $65.3 million in stock, and Sanford J. Colen’s Apex Capital was right behind this move, as the fund cut about $14.8 million worth of shares. These bearish behaviors are interesting, as total hedge fund interest fell by 3 funds last quarter.

The final page of this article covers the hedge fund activity in other companies that have market capitalizations similar to BMY’s market cap.