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Is ChemoCentryx Inc (CCXI) A Stock Worth Buying?

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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 ChemoCentryx Inc (NASDAQ:CCXI).

ChemoCentryx Inc (NASDAQ:CCXI) has seen a decrease in hedge fund interest recently. CCXI was in 11 hedge funds’ portfolios at the end of the third quarter of 2016. There were 12 hedge funds in our database with CCXI positions at the end of the second quarter. At the end of this article we will also compare CCXI to other stocks including Nutraceutical Int’l Corp. (NASDAQ:NUTR), Control4 Corp (NASDAQ:CTRL), and ASA Gold and Precious Metals Ltd (NYSE:ASA) to get a better sense of its popularity.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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What does the smart money think about ChemoCentryx Inc (NASDAQ:CCXI)?

At the end of the third quarter, a total of 11 of the hedge funds tracked by Insider Monkey were long this stock, an 8% drop from the previous quarter. By comparison, 10 hedge funds held shares or bullish call options in CCXI heading into this year, so hedge fund sentiment is still positive in 2016. So, let’s review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

CCXI Chart

When looking at the institutional investors followed by Insider Monkey, Biotechnology Value Fund, led by Mark Lampert, holds the biggest position in ChemoCentryx Inc (NASDAQ:CCXI). Biotechnology Value Fund has a $48.7 million position in the stock, comprising 9.2% of its 13F portfolio. Coming in second is Michael Castor of Sio Capital, with a $3.7 million position; 2.6% of its 13F portfolio is allocated to the stock. Some other hedge funds and institutional investors that are bullish contain Wilmot B. Harkey and Daniel Mack’s Nantahala Capital Management, Renaissance Technologies, one of the largest hedge funds in the world, and David E. Shaw’s D E Shaw. We should note that Nantahala Capital Management is among our list of the 100 best performing hedge funds, which is based on the performance of their 13F long positions in non-micro-cap stocks.

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