Is Inogen Inc (INGN) Going to Burn These Hedge Funds?

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As one would reasonably expect, key money managers were leading the bulls’ herd. Driehaus Capital initiated the largest position in Inogen Inc (NASDAQ:INGN). Driehaus Capital had $11.4 million invested in the company at the end of the quarter. Point72 Asset Management also initiated a $10.7 million position during the quarter. The other funds with brand new INGN positions are Brian Ashford-Russell and Tim Woolley’s Polar Capital, Israel Englander’s Millennium Management, and David Costen Haley’s HBK Investments.

Let’s check out hedge fund activity in other stocks similar to Inogen Inc (NASDAQ:INGN). We will take a look at Changyou.Com Ltd (ADR) (NASDAQ:CYOU), NetGear, Inc. (NASDAQ:NTGR), Encore Capital Group, Inc. (NASDAQ:ECPG), and Inphi Corporation (NYSE:IPHI). This group of stocks’ market caps is closest to Inogen Inc (NASDAQ:INGN)’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CYOU 9 13441 -3
NTGR 20 99055 9
ECPG 10 79614 -2
IPHI 19 73384 5

As you can see, these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $66 million. That figure was $90 million in Inogen Inc (NASDAQ:INGN)’s case. NetGear, Inc. (NASDAQ:NTGR) is the most popular stock in this table. On the other hand, Changyou.Com Ltd (ADR) (NASDAQ:CYOU) is the least popular one with only 9 bullish hedge fund positions. Inogen Inc (NASDAQ:INGN) 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, NetGear, Inc. (NASDAQ:NTGR) might be a better candidate to consider a long position.

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