Is Redmile Group Right to Bet on Array Biopharma Inc (ARRY), Amicus Therapeutics, Inc. (FOLD) & Two Other Stocks?

Redmile Group sold 31% of its stake in Penumbra Inc (NYSE:PEN) in the second quarter and further cut it by 22% in the third quarter. In this way, the fund held 672,918 shares worth $51.14 million at the end of September, compared to 863,581 shares worth $51.38 million at the end of June. In the third quarter, Penumbra’s stock advanced by 27.7%. During the second quarter, the number of funds from our database long Penumbra Inc (NYSE:PEN) rose by 18% to 13. Redmile was the largest shareholder among them, followed by Consonance Capital Management, which held $40.7 million worth of shares at the end of June. Moreover, Rock Springs Capital Management, Renaissance Technologies, and D E Shaw were also bullish on Penumbra Inc (NYSE:PEN).

After having boosted its position by 1.49 million shares to 3.96 million shares worth $49.37 million in the second quarter, Redmile Group trimmed the stake in Endologix, Inc. (NASDAQ:ELGX) by 12% during the third quarter to 3.48 million shares valued at $44.55 million at the end of September. Last quarter, shares of Endologix inched up by 2.7%. Endologix, Inc. (NASDAQ:ELGX) was included in the portfolios of 24 followed by our team at the end of June, up by two over the quarter. The largest stake in Endologix, Inc. (NASDAQ:ELGX) was held by Cadian Capital, which reported holding $50.3 million worth of stock as of the end of June. It was followed by Redmile Group with a $49.4 million position. Other investors bullish on the company included Camber Capital Management, Tamarack Capital Management, and Partner Fund Management.

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