Oppenheimer Downgrade Can’t Take Raptor Pharmaceutical Corp. (RPTP) Down, Should You Ignore It Too?

How are hedge funds trading Raptor Pharmaceutical Corp. (NASDAQ:RPTP)?

Heading into the second quarter, a total of 12 of the hedge funds tracked by Insider Monkey were bullish in this stock, a change of 50% from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were boosting their stakes significantly.

According to hedge fund experts at Insider Monkey, David Shaw‘s D E Shaw had the largest position in Raptor Pharmaceutical Corp. (NASDAQ:RPTP), worth close to $9.7 million. Sitting at the number two spot is Millennium Management, led by Israel Englander, holding a $9.3 million position; less than 0.1% of its 13F portfolio is allocated to the company. Other members of the smart money that hold long positions comprise Richard Driehaus‘ Driehaus Capital, Joseph Edelman’s Perceptive Advisors, and Hal Mintz’s Sabby Capital.

Key hedge funds were breaking ground themselves. Driehaus Capital established the largest new position in Raptor Pharmaceutical Corp. (NASDAQ:RPTP). Driehaus Capital had $2.9 million invested in the company at the end of March. Joseph Edelman’s Perceptive Advisors also held a $2.9 million investment in the stock following the end of the first trimester. The following funds were also among the new Raptor investors: Hal Mintz’s Sabby Capital, J. Alan Reid, Jr.’s Forward Management, and Kris Jenner, Gordon Bussard, and Graham McPhail’s Rock Springs Capital Management.

Despite the positive hedge fund interest and shares starting to kick back, we would refrain from giving an outright ‘Buy’ rating to Raptor Pharmaceutical Corp. (NASDAQ:RPTP). Marai has some valid points and there are several other less risky opportunities in the biotechnology industry.

Disclosure: None