Is Halozyme Therapeutics, Inc. (HALO) Worthy of Your Portfolio?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that dropped their entire stakes in the stock during the third quarter. It’s worth mentioning that First Eagle Investment Management dropped the biggest stake of all the hedgies monitored by Insider Monkey, valued at an estimated $61.3 million in stock. Daniel Gold’s fund, QVT Financial, also cut its stock, about $4.3 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to Halozyme Therapeutics, Inc. (NASDAQ:HALO). We will take a look at Aircastle Limited (NYSE:AYR), FCB Financial Holdings Inc (NYSE:FCB), American Equity Investment Life Holding (NYSE:AEL), and Envestnet Inc (NYSE:ENV). All of these stocks’ market caps resemble HALO’s market cap.

As you can see these stocks had an average of 13 funds with bullish positions and the average amount invested in these stocks was $86 million. That figure was $168 million in HALO’s case. FCB Financial Holdings Inc (NYSE:FCB) is the most popular stock in this table. On the other hand Envestnet Inc (NYSE:ENV) is the least popular one with only six bullish hedge fund positions. Halozyme Therapeutics, Inc. (NASDAQ:HALO) 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 FCB Financial Holdings Inc (NYSE:FCB) might be a better candidate to consider taking a long position in.

Disclosure: none