Is Mirati Therapeutics, Inc. (MRTX) Going to Burn These Hedge Funds?

With a general bullishness amongst the heavyweights, specific money managers were leading the bulls’ herd. Great Point Partners, led by Jeffrey Jay and David Kroin, assembled the most outsized position in Mirati Therapeutics, Inc. (NASDAQ:MRTX). Great Point Partners had $1.5 million invested in the company at the end of the quarter. Hal Mintz’s Sabby Capital also initiated a $0.7 million position during the quarter. The other funds with new positions in the stock are Cliff Asness’ AQR Capital Management, D. E. Shaw’s D E Shaw, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s now take a look at hedge fund activity in other stocks similar to Mirati Therapeutics, Inc. (NASDAQ:MRTX). We will take a look at Core Molding Technologies, Inc. (NYSEAMEX:CMT), DHX Media Ltd (USA) (NASDAQ:DHXM), Corindus Vascular Robotics Inc (NYSEMKT:CVRS), and Kona Grill Inc (NASDAQ:KONA). All of these stocks’ market caps match MRTX’s market cap.

As you can see these stocks had an average of 5 hedge funds with bullish positions and the average amount invested in these stocks was $32 million. That figure was $37 million in MRTX’s case. Core Molding Technologies, Inc. (NYSEAMEX:CMT) is the most popular stock in this table. On the other hand Corindus Vascular Robotics Inc (NYSEMKT:CVRS) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Mirati Therapeutics, Inc. (NASDAQ:MRTX) 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.

Disclosure: None