Should You Buy Surging SciClone Pharmaceuticals (SCLN), Up By 14.66% Today?

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What have hedge funds been doing with SciClone Pharmaceuticals Inc (NASDAQ:SCLN)?

At the end of the first quarter, a total of 16 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 7% from the fourth quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were increasing their stakes considerably.

When looking at the hedgies followed by Insider Monkey, Nantahala Capital Management, managed by Wilmot B. Harkey and Daniel Mack, holds the most valuable position in SciClone Pharmaceuticals Inc (NASDAQ:SCLN). Nantahala Capital Management has a $13.5 million position in the stock, comprising 2.2% of its 13F portfolio. Coming in second is Robert B. Gillam of McKinley Capital Management, with a $4.8 million position; 0.2% of his fund’s 13F portfolio is allocated to the company. Other peers with similar optimism contain Israel Englander’s Millennium Management, Jim Simons’ Renaissance Technologies, and Peter Muller’s PDT Partners.

As one would reasonably expect, some big names have been driving this bullishness. Hutchin Hill Capital, managed by Neil Chriss, created the most outsized position in SciClone Pharmaceuticals Inc (NASDAQ:SCLN). Hutchin Hill Capital had $629,000 invested in the company at the end of the quarter. Jacob Gottlieb‘s Visium Asset Management also initiated a $156,000 position during the quarter. The only other fund with a new position in the stock is Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

In general, the shares of SciClone Pharmaceuticals Inc (NASDAQ:SCLN) look very attractive from a hedge fund sentiment perspective. The stock of the company is fundamentally sound and appreciated by industry analysts. Therefore, we recommend buying the shares until they reach the $15 target.

Disclosure: None

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