Smart Money Sentiment For Concordia Healthcare Corp (CXRX) Improving; Is It Worth A Look?

As aggregate interest increased, key money managers were leading the bulls’ herd. Miura Global Management established the biggest position in Concordia Healthcare Corp (NASDAQ:CXRX). Highbridge Capital Management also made a $40.2 million investment in the stock during the quarter. The other funds with brand new CXRX positions are Point72 Asset Management, Israel Englander’s Millennium Management, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Concordia Healthcare Corp (NASDAQ:CXRX) but similarly valued. These stocks are Fidelity & Guaranty Life (NYSE:FGL), Alder Biopharmaceuticals Inc (NASDAQ:ALDR), AMN Healthcare Services, Inc. (NYSE:AHS), and Vishay Intertechnology (NYSE:VSH). This group of stocks’ market caps resemble CXRX’s market cap.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $171 million. That figure was $227 million in CXRX’s case. Alder Biopharmaceuticals Inc (NASDAQ:ALDR) is the most popular stock in this table. On the other hand Fidelity & Guaranty Life (NYSE:FGL) is the least popular one with only 11 bullish hedge fund positions. Concordia Healthcare Corp (NASDAQ:CXRX) is not the least popular stock in this group but hedge fund interest is still below average, although the amount of capital invested in the stock is above-average. Nonetheless, we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ALDR might be a better candidate to consider a long position in at the moment.