Should You Buy Theravance Inc (THRX)?

Now, specific money managers have been driving this bullishness. Armistice Capital, managed by Steven Boyd, assembled the largest position in Theravance Inc (NASDAQ:THRX). Armistice Capital had $14.7 million invested in the company at the end of the quarter. Marc Majzner’s Clearline Capital also made a $8.2 million investment in the stock during the quarter. The other funds with brand new THRX positions are Steve Cohen’s Point72 Asset Management, Ken Griffin’s Citadel Investment Group, and Peter Muller’s PDT Partners.

Let’s go over hedge fund activity in other stocks similar to Theravance Inc (NASDAQ:THRX). These stocks are Veeco Instruments Inc. (NASDAQ:VECO), BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX), Lifelock Inc (NYSE:LOCK), and ImmunoGen, Inc. (NASDAQ:IMGN). This group of stocks’ market caps are closest to THRX’s market cap.

As you can see these stocks had an average of 16.75 hedge funds with bullish positions and the average amount invested in these stocks was $176 million. That figure was $342 million in THRX’s case. Lifelock Inc (NYSE:LOCK) is the most popular stock in this table. On the other hand Veeco Instruments Inc. (NASDAQ:VECO) is the least popular one with only 14 bullish hedge fund positions. Theravance Inc (NASDAQ:THRX) is not the most popular stock in this group but hedge fund interest is still above average. That makes THRX worth a closer look.